Test Bank For Century 21 Accounting Advanced, 11e Claudia Bienias Gilbertson, Mark Lehman, Daniel Passalacqua (Test Bank All Chapters, 100% Original Verified, A+ Grade) (Complete And Verified Study material) (152pages) LEARNEXAMS

Chapter 1 Recording Departmental Purchases and Cash Payments True / False 1. Individual amounts in the Accounts Payable Credit column of the purchases journal are posted often to the appropriate vendor accounts. a. True b. False ANSWER: True 2. The accounting concepts used to record and report financial information are determined by the size, type, and complexity of the business. a. True b. False ANSWER: False 3. The check number is placed in the Post. Ref. column of the cash payments journal during the posting process. a. True b. False ANSWER: False 4. In a departmental accounting system, a notation is placed on each purchase invoice indicating the department to which the purchase applies. a. True b. False ANSWER: True 5. Most businesses record purchase returns and allowances in the Purchases Returns and Allowances column of the purchases journal. a. True b. False ANSWER: False 6. The vendor number is placed in the Post. Ref. column of the purchases journal as the last step of the posting process. a. True b. False ANSWER: True