Lesson 4 - Journal Entries

Revenue is recorded at the time goods or services are sold is an example of what accounting concept?

• Realization of Revenue

• Going Concern

• Unit of Measurement

• Business Entity

Information for each transaction recorded in a journal is called a/an

• entry

• journal

• general

• source

A form describing the goods or services sold, the quantity, and the price is called a/an

• invoice

• sales invoice

• memorandum

• receipt

An increase in owner's equity resulting from the operation of a business is called

• revenue

• expense

• asset

• liability

A source document is prepared for each transaction is an example of which accounting concept?

• Objective Evidence

• Business Entity

• Historical Costs

• Consistent Recording

A business form giving written acknowledgement for cash received is called a/an

• receipt

• sales invoice

• memorandum

• check

A journal with two amount columns in which all kinds of entries can be recorded is called a/an

• general journal

• special journal

• sales journal

• source journal

Financial statements are prepared with the expectation that a business will remain in operation indefinitely is an example of what accounting concept?

• Going Concern

• Business Entity

• Realization of Revenue

• Unit of Measurement

The recording of debit and credit parts of a transaction is called

• double-entry accounting

• journal

• source document

• general journal

A form on which a brief message is written describing a transaction is called a/an

• memorandum

• receipt

• check

• sales invoice