bookkeeping final exam/40
Questions and Answers 100%
Scores
what advantage is their to using special journal for cash disbursment
transaction to a general journal - -reducing amount of time and expenses in
posting credits to the cash account. Only one posting is made at the end of a
fiscal period to a credit to cash
-what justifies the use of a special column in a cash disbursment journal - -
how often a account title is used
-when does the checkmark indicate not to post - -cash purchases
-how is the accuracy of the subsidiary ledger proved - -should equal the
balance of the controlling account in the general ledger
-how is a signature card used by the bank teller - -it verifies the drawers
hand written name and signature
-what entry is recorded for a bank service charge - -the entry should debit
misc. expenses and credit to cash
-what information is reported in a customers statement of account - -list
customers charges,payments, and returns with balances due
-what type of transaction is exclusively entered in a cash receipt journal - -
all transaction what would result in debits or cash
-what type of transaction is recorded in a purchase journal - -it records the
merchandise on account
-what kind of entries are recorded in a general journal - -all enteries not
entered in a special journal
-a special purchase of merchandise rather than a purchase for cash - -
subsidiary entry
-a source document that describes a sale of merchandise - -invoice
-the totaling of all special journals to prove that debits equal credits - -
summary entry
Questions and Answers 100%
Scores
what advantage is their to using special journal for cash disbursment
transaction to a general journal - -reducing amount of time and expenses in
posting credits to the cash account. Only one posting is made at the end of a
fiscal period to a credit to cash
-what justifies the use of a special column in a cash disbursment journal - -
how often a account title is used
-when does the checkmark indicate not to post - -cash purchases
-how is the accuracy of the subsidiary ledger proved - -should equal the
balance of the controlling account in the general ledger
-how is a signature card used by the bank teller - -it verifies the drawers
hand written name and signature
-what entry is recorded for a bank service charge - -the entry should debit
misc. expenses and credit to cash
-what information is reported in a customers statement of account - -list
customers charges,payments, and returns with balances due
-what type of transaction is exclusively entered in a cash receipt journal - -
all transaction what would result in debits or cash
-what type of transaction is recorded in a purchase journal - -it records the
merchandise on account
-what kind of entries are recorded in a general journal - -all enteries not
entered in a special journal
-a special purchase of merchandise rather than a purchase for cash - -
subsidiary entry
-a source document that describes a sale of merchandise - -invoice
-the totaling of all special journals to prove that debits equal credits - -
summary entry
