ACCOUNTING - CHAPTER 3 - VOCAB
Authored by TRAVIS PAULSEN
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10th Grade
Used 9+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary purpose of a journal in accounting?
To summarize financial statements
To record transactions in chronological order
To calculate taxes
To audit financial records
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which document is used as evidence of a transaction and is often attached to a journal entry?
Check
Source Document
Memorandum
Receipt
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the process of recording transactions in a journal called?
Proving Cash
Journalizing
Invoicing
Memorandum
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which column in a journal is used for amounts that do not have a specific account title?
Special Amount Column
General Amount Column
Invoice Column
Receipt Column
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a sales invoice primarily used for?
To record cash payments
To document a sale on account
To prove cash
To issue a memorandum
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In double-entry accounting, every transaction affects at least how many accounts?
One
Two
Three
Four
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of proving cash?
To ensure that the cash account balance matches the actual cash on hand
To verify the accuracy of invoices
To record journal entries
To create a memorandum
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