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CHAPTER 1â€â€RECORDING DEPARTMENTAL PURCHASES AND CASH
PAYMENTS
TRUE/FALSE
1. The petty cash fund is replenished at the mid-point of each fiscal period.
ANS: F PTS: 1
2. A business with many daily transactions has little use for special journals.
ANS: F PTS: 1
3. Liability accounts have normal credit balances.
ANS: T PTS: 1
4. Amounts in the General Debit and General Credit columns of a cash payments journal are posted
individually.
ANS: T PTS: 1
5. Expense accounts have normal debit balances.
ANS: T PTS: 1
6. The accounting equation may be stated as assets = liabilities.
ANS: F PTS: 1
7. An owner's equity account has a normal debit balance.
ANS: F PTS: 1
8. A purchases discount is typically stated as a percentage.
ANS: T PTS: 1
9. Revenue accounts have normal debit balances.
ANS: F PTS: 1
10. In a departmental accounting system, gross profit is calculated for all departments as one entity.
ANS: F PTS: 1
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