Journalizing Transactions
Quiz
•
Business
•
9th - 12th Grade
•
Practice Problem
•
Medium
Melissa L Dux
Used 90+ times
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21 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Transactions are recorded in a journal in chronological order
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The source document used when supplies are bought on account is a memorandum.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
To correct an error in a journal, one can simply erase the incorrect item and write the correct item
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
A receipt is the source document for cash received from transactions other than sales.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The accounting concept Unit of Measurement is being applied when a source document is prepared for each transaction.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
A transaction recorded in a journal is not considered a permanent record.
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
A general journal page is complete when there is insufficient space to record any more entries
True
False
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