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Accounting - 6. The General Journal

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Accounting - 6. The General Journal
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A fiscal year is an accounting period that begins on January 1 and ends on December 31.

True
False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When recording a business transaction, the amount is always entered first because it is the most important part of the journal entry.

True
False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A source document is a business paper that proves a transaction occurred.

True
False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A journal is sometimes called a "book" of original entry because it is the only place in which the details of the transaction are recorded.

True
False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A check was written on April 15.  It is being recorded today, April 17.  The date used for recording the transaction is April 17.

True
False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a calendar year accounting period?

Jan. 1 - Dec. 31
Feb. 1 - Jan. 31
July 1 - June 30
April 15 - March 31

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The analysis of a business transaction into its debit and credit parts is required for both manual and computerized accounting systems.

True
False

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