FREE AND STUDY GAMES ABOUT ACCOUNTING STUDY

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FREE AND STUDY GAMES ABOUT ACCOUNTING STUDY

EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -19 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: The source document for all cash payments is a sales invoice.

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false Question 2: In double-entry accounting, each transaction affects at least three accounts.

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false

Question 3: A calculator tape is the source document for daily sales

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true Question 4: A receipt is the source document for cash received from transactions other than sales.

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true

Question 5: The journal columns used to record paying cash to the owner for a withdrawal of equity are Cash Debit and General Credit.

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false Question 6: The journal columns used to record buying supplies on account are General Debit and Cash Credit

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false Question 7: The source document used when supplies are bought on account is a check

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false Question 8: To correct an error in a journal, simply erase the incorrect item and write the correct item in the same place.

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false Question 9: The journal columns used to record paying cash for equipment rental are General Debit and Cash Credit

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true Question 10: Double lines across column totals mean that the totals have been verified as correct.

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true Question 11: The source document sales invoice is abbreviated as S in a journal entry.

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true

Question 12: The source document used when supplies bought on account are paid for is a memorandum.

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

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true Question 14: Examples of source documents include checks, sales invoices, receipts, and memorandums

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true Question 15: A memorandum is the source document used when items are paid in cash.

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false Question 16: To prove a journal page, the total debit amounts are compared with the total credit amounts to be sure they are equal.

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true Question 17: 1. Information in a journal includes the debit and credit parts of each transaction recorded in one place.

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true Question 18: The journal columns used to record receiving cash from sales are Cash Debit and Sales Credit

Answer:

true

Question 19: When a journal page is full, the full page should be proved before a new page is started.

Answer:

true