Accounting Quiz

Which of the following statements about general journal is true?

• Provides a chronological record of the company's transaction

• Involves transferring of journal entries to the ledger account

• Displays the transaction's date account titles and explanations and outstanding balance of each transaction.

• None of the above

What if a firm's payment to a supplier for merchandise inventory is recorded?

• Sales Journal

• Cash Receipt Journal

• Cash Payment Journal

• Purchase Journal

A transaction is first recorded in a record called a:

• Journal

• T-account

• Ledger

• Chart of account

Identify the statements are true or false

• Both statements are true

• Both statements are false

• Statement 1 is true; Statement 11 is false

• Statement 1 is false; Statement 11 is false

Collected ₱10,000 from a customer in payment of his account. What type of special journal will you record the transaction?

• Cash Receipt Journal

• Cash Disbursement journal

• Purchase Journal

• Sales Journal

Bought 100 pieces of mugs to be sold in the store amounting to ₱1,500 on account

• Cash Receipt Journal

• Cash Disbursement journal

• Purchase Journal

• Sales Journal

Ledger differ from journal in that ledger

• Serve as check- balance-tool of the company

• Provide the chronological records of the company's transaction

• Are groupings of all accounts of a company with its outstanding balance

• Help prevent and locate error as the debits and credits can easily compared

An example of account that would normally provide by an accounts receivable subsidiary ledger?

• Cash

• Professional fee

• Accounts Payable

• None of the above

Which of the following is an information normally provided by Accounts Receivable Subsidiary ledgers?

• Amounts Owned by costumer

• Amounts Paid by each costumer

• Amounts Invoice to each costumer

• Amounts Owed by each supplier

It is the process of transferring balances from journal to the General Ledger

• Posting

• Journalizing

• Adjusting

• Recording