FREE AND STUDY GAMES ABOUT ACCOUNTING- EVAL. 3

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FREE AND STUDY GAMES ABOUT ACCOUNTING- EVAL. #3

EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -32 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation Question 1: A form describing the goods or services sold, the quantity, and the price.

Answer:

Invoice.Question 2: Abusiness paper from ordering a bank to pay cash from a bank account.

Answer:

Check.

Question 3: Recording transactions in a journal.

Answer:

Journalizing.Question 4: To correc an error in a journal , simply erase the incorrect item and write the correct item in the same place.

Answer:

False.

Question 5: A journal with two amount columns in which all kinds of entries can be recorded.

Answer:

General Journal.Question 6: A business paper from which information is obtained for a journal entry.

Answer:

Source Document.Question 7: The accounts affected when paying cash to the owner for personal used are the drawing account and Cash.

Answer:

True.

Question 8: When cash is paid for supplies, the Cash account is credited.

Answer:

True.Question 9: Dollars and cens signs and decimal points should be used when writing amounts on ruled accounting pages.

Answer:

False.Question 10: A form on which a brief message is written describing a transaction.

Answer:

Memorandum.Question 11: When cash is received on account, one asset account increases and another asset account decreases.

Answer:

True.Question 12: Check and sales invoices are prenumbered in sequence to help account for them.

Answer:

True.

Question 13: The Objective Evidence accounting concept requires that there be proof that a transaction did occur.

Answer:

True.

Question 14: A check is a sorce document used when items are paid in cash.

Answer:

True.Question 15: A receipt is the source document for cash received from transactions other than sales.

Answer:

True.Question 16: The source document used when supplies bought on account are paid for is a check.

Answer:

True.Question 17: Examples of source documents include checks, sales invoices, memorandums, and letters.

Answer:

False.

Question 18: A form for recording transactions in chronological order.

Answer:

Journal.Question 19: When services are sold on account, an asset account and a revenue account are affected.

Answer:

True.

Question 20: A calculator tape if the source documebt for daily slaes.

Answer:

True.Question 21: If there is only one blank line remaining on a journal page, it is standard practice to split the netry and record the second lime of the entry on the next page.

Answer:

False.Question 22: An invoice ised as a source document for recording a sale on account.

Answer:

Sales Invoice.Question 23: The source document used when supplies are ordered by telephone on account is a memorandum.

Answer:

True.

Question 24: Information for each transaction recorded in a journal.

Answer:

Entry.Question 25: The accounts affected when paying cash for rent are Rent Expense and Cash.

Answer:

True.

Question 26: The recording of debit and credit parts of a transaction.

Answer:

Double-Entry Accounting.Question 27: The accounts affected when cash is received from the owner as an investment are Cash and the Capital Account.

Answer:

True.