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Journalizing Transactions

Authored by Melissa L Dux

Business

9th - 12th Grade

Used 90+ times

Journalizing Transactions
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21 questions

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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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