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Question 1.1. Information about cash receipts can be obtained from checkstubs and carbon copies of checks. (Points : 1)TrueFalseQuestion 2.2. Purchase invoices received from suppliers provide informationabout (Points : 1)cash receipts.sales of goods.purchases of goods or services.cash payments.Question 3.3. Purchase invoices received from suppliers provide informationabout cash payments. (Points : 1)TrueFalseQuestion 4.4. Source documents provide objective, verifiable evidence ofbusiness transactions. (Points : 1)TrueFalseQuestion 5.5. Source documents provide the input for the accountingprocess. (Points : 1)TrueFalseQuestion 6.6. Check stubs and carbon copies of checks provide informationabout (Points : 1)cash payments.cash receipts.sales of goods or services.purchases of goods or services.Question 7.7. The Posting Reference column of the journal provides a crossreference between the (Points : 1)ledger and accounts.journal and ledger.ledger and financial statements.journal and financial statements.Question 8.8. The general ledger is kept to supply management with desiredinformation in summary form. (Points : 1)TrueFalseQuestion 9.9. Posting from the journal to the ledger does NOT involve whichof the following steps? (Points : 1)Enter the date of each transaction in the accounts.Enter the amount of each transaction in the accounts.Enter the page of the journal from which each transaction is postedin the accounts.Enter the description of the entry.Question 10.10. A chronological record of financial transactions expressedas debits and credits to accounts is provided by the (Points : 1)ledger.journal.balance sheet.trial balance.Question 11.11. The Description column of a two-column journal is used toenter the titles of the accounts affected by each transaction, together with adescription of the transaction. (Points : 1)TrueFalseQuestion 12.12. After posting journal information to the ledger accounts, acheck mark should be entered in the Posting Reference column of the journalto indicate that the transaction item has been posted. (Points : 1)TrueFalseQuestion 13.13. All transactions must be posted before preparing a trialbalance. (Points : 1)TrueFalseQuestion 14.14. A complete set of all the accounts used by a business isknown as the general ledger. (Points : 1)TrueFalseQuestion 15.15. If the owner of a company invested cash in a businessenterprise, the transaction would include (Points : 1)debiting Cash and crediting Capital.debiting Capital and crediting Cash.debiting Cash and crediting Revenue.debiting Revenue and crediting Cash.Question 16.16. Each entry in the journal affects two or more accounts.(Points : 1)TrueFalseQuestion 17.17. A contra-asset appears on the income statement.(Points : 1)TrueFalseQuestion 18.18. The owner’s capital account in the last two columns of thework sheet is an up-to-date account and includes net income andwithdrawals of the current period. (Points : 1)TrueFalseQuestion 19.19. A net loss is shown on the work sheet as a(n) (Points :1)debit in the Balance Sheet columns.credit in the Balance Sheet columns.debit and a credit in the Balance Sheet columns.adjustment to owner’s equity.Question 20.20. In completing the work sheet, what is the reason for addingthe net income for the year to the Balance Sheet Credit column? (Points : 1)Owner’s equity is not up-to-date.Cash is not up-to-date.Owner’s withdrawal is not up-to-date.Sales is not up-to-date.Question 21.21. Depreciation expense is recorded for a specific period oftime. (Points : 1)TrueFalseQuestion 22.22. The cost of plant assets less the accumulated depreciationis called the salvage value of the asset. (Points : 1)TrueFalseQuestion 23.23. Net income is shown on the work sheet as a (Points :1)debit in the Balance Sheet column.credit in the Income Statement column.debit in the Income Statement column.debit in the Adjustments column.Question 24.24. The matching principle in accounting requires the matchingof (Points : 1)revenue earned with the expenses incurred to produce the revenue.revenue earned with the assets used to produce the revenue.revenue earned with the liabilities incurred to produce the revenue.revenue earned with the assets used less the liabilities incurred.Question 25.25. Assets, liabilities, and the owner’s capital account arepermanent accounts. (Points : 1)TrueFalseQuestion 26.26. The accuracy of the statement of cash flows can be provedby comparing the cash provided by operating activities with the change inthe cash balance. (Points : 1)TrueFalseQuestion 27.27. Owner’s equity can be increased through (Points :1)withdrawals by the owner.investments by the owner.expenses exceeding revenues.purchases of assets for cash.Question 28.28. Current assets include cash and other assets that will beconverted into cash or consumed within one year or the normal operatingcycle of the business, whichever is longer. (Points : 1)TrueFalseQuestion 29.29. Revenues and expenses are temporary accounts and areclosed at the end of the accounting period. (Points : 1)TrueFalseQuestion 30.30. After the accounts are closed and the journal entries havebeen posted, which of the following accounts would have a balance? (Points :1)Payroll Taxes ExpenseMiscellaneous ExpenseProfessional ExpenseSuppliesQuestion 31.31. A customer returns merchandise that was delivered in poorcondition and that does not meet specification. The account that the sellerwould debit for the amount of the return is (Points : 1)Sales Returns and Allowances.Purchase Returns and Allowances.Sales.Purchases.Question 32.32. The amounts for sales returns and allowances, salesdiscounts, and net sales added together equal gross sales. (Points : 1)TrueFalseQuestion 33.33. After the posting of the accounts receivable ledger and thegeneral ledger is completed, the total of the accounts receivable ledgerbalances should equal the Accounts Receivable balance in the generalledger. (Points : 1)TrueFalseQuestion 34.34. To encourage customers who purchase merchandise onaccount to pay promptly, a cash discount is usually offered. (Points : 1)TrueFalseQuestion 35.35. Merchandise is sold on account for $90, and the sale issubject to a retail sales tax of $5.40. The amount that should be added toAccounts Receivable would be (Points : 1)$5.40.$94.60.$93.60.$95.40.Question 36.36. Merchandise returned by the customer for a refund is calleda (Points : 1)sales return.sales allowance.credit memo.debit memo.Question 37.37. Sales Tax Payable is an asset account. (Points :1)TrueFalseQuestion 38.38. A list showing the amount due from each customer as of aspecified date is known as a (Points : 1)trial balance.schedule of accounts payable.schedule of accounts receivable.work sheet.Question 39.39. While sales returns and allowances can be debited directlyto the sales account, it is better to debit a separate sales returns andallowances account. (Points : 1)TrueFalseQuestion 40.40. For the merchant, bank credit card sales are treated in amanner similar to (Points : 1)sales on account.cash sales.installment sales.layaway sales.Question 41.41. Gross profit is a measure of the amount of sales dollarsavailable to cover expenses after covering the cost of the goods sold. (Points: 1)TrueFalseQuestion 42.42. The supplier or vendor is the person or firm from whom themerchandise or other property is ordered. (Points : 1)TrueFalseQuestion 43.43. When the merchandise is received, a receiving reportindicating what has been received is prepared. (Points : 1)TrueFalseQuestion 44.44. Which of the following indicates that a shipment is free onboard at the destination of the shipment and the seller will pay thetransportation costs? (Points : 1)CODFOB shipping pointFOB destination4/10, EOMQuestion 45.45. The entry to record the purchase on account ofmerchandise for resale under the periodic inventory system includes (Points :1)debiting Purchases and crediting Cash.debiting Purchases and crediting Accounts Payable.debiting Merchandise Inventory and crediting Cash.debiting Merchandise Inventory and crediting Accounts Payable.Question 46.46. A list showing the amount due to each supplier as of aspecified date is known as the (Points : 1)schedule of accounts receivable.trial balance.balance sheet.schedule of accounts payable.Question 47.47. If the terms of an invoice dated April 10 are 3/10, n/30, theinvoice must be paid on or before April 20 in order to be entitled to adiscount. (Points : 1)TrueFalseQuestion 48.48. An account number in the Posting Reference column of thegeneral journal indicates that the account has been posted to the generalledger. (Points : 1)TrueFalseQuestion 49.49. A schedule of accounts payable is used to prove that thesum of the accounts payable ledger balances equals the Accounts Payablebalance in the general ledger. (Points : 1)TrueFalseQuestion 50.50. After the posting of the accounts payable ledger and thegeneral ledger is completed, the total of the accounts payable ledgerbalances should equal the Accounts Payable balance in the general ledger.(Points : 1)TrueFalse
