Question 1

When purchasing merchandise for resale for cash, record the transaction in the

Accepted Answer

A)   sales journal.
B)   cash receipts journal.
C)   cash payments journal.
D)   purchases journal.

Question 2

Each amount in the General Debit column of the cash payments journal should be posted daily.

Accepted Answer

A) True 
 B)False

Question 3

The total of the General Debit Column of the Cash Payments Journal should be posted to the general ledger at the end of each month.

Accepted Answer

A) True 
 B)False

Question 4

Summary posting from the sales journal normally would be completed in which of the following orders?

Accepted Answer

A)   Accounts Receivable, Sales, and Sales Tax Payable columns
B)   Sales Tax Payable, Sales, and Accounts Receivable columns
C)   Sales, Sales Tax Payable, and Accounts Receivable columns
D)   Accounts Receivable, Sales Tax Payable, and Sales columns

Question 5

For the merchant, bank credit card sales are treated in a manner similar to

Accepted Answer

A)   sales on account.
B)   cash sales.
C)   installment sales.
D)   layaway sales.

Question 6

A common approach to keeping a record of each customer's accounts receivable is to use a subsidiary accounts receivable ledger.

Accepted Answer

A) True 
 B)False

Question 7

It is inefficient to record all cash receipts in a general journal.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following is NOT true about posting the cash receipts journal information at the end of the month?

Accepted Answer

A)   Total the amount columns, prove the total of debits equal to credits, and rule the columns.
B)   Post the individual amounts from the General Credit column to the appropriate general ledger accounts.
C)   Post each column total except the General Credit column total to the general ledger accounts.
D)   Insert the date in the Date column and "CR" and the page number in the Posting Reference column of each ledger account.

Question 9

Posting to the accounts payable ledger should be made at the end of the month.

Accepted Answer

A) True 
 B)False

Question 10

Transactions that are similar in type and recorded frequently are likely to have a special journal.

Accepted Answer

A) True 
 B)False

Question 11

The sales journal can be used to enter any kind of sales, including cash sales and sales on account.

Accepted Answer

A) True 
 B)False

Question 12

A purchases journal is a special journal used to record purchases of merchandise for cash and on account.

Accepted Answer

A) True 
 B)False

Question 13

After the posting of the accounts payable ledger and general ledger is completed, the total of the accounts payable ledger balances should equal the general ledger balance of

Accepted Answer

A)   Purchases.
B)   Accounts Receivable.
C)   Accounts Payable.
D)   Purchases Returns and Allowances.

Question 14

For the merchant, bank credit card sales are nothing like cash sales.

Accepted Answer

A) True 
 B)False

Question 15

Special journals enable a substantial time savings and make for a more efficient posting process.

Accepted Answer

A) True 
 B)False

Question 16

Match the terms with the definitions.
-A special journal used to record only transactions involving the receipt of cash.

Accepted Answer

A)  cash payments journal
B)  cash receipts journal
C)  sales journal
D)  special journal
E)  purchases journal

Exam 12: Special Journals

After the posting of the accounts payable ledger and general ledger is completed, the total of the accounts payable ledger balances should equal the general ledger balance of

Correct Answer
verified

Transactions that are similar in type and recorded frequently are likely to have a special journal.

Correct Answer
verified

Posting to the accounts payable ledger should be made at the end of the month.

Correct Answer
verified

Special journals enable a substantial time savings and make for a more efficient posting process.

Correct Answer
verified

A common approach to keeping a record of each customer's accounts receivable is to use a subsidiary accounts receivable ledger.

Correct Answer
verified

When purchasing merchandise for resale for cash, record the transaction in the

Correct Answer
verified

For the merchant, bank credit card sales are treated in a manner similar to

Correct Answer
verified

The total of the General Debit Column of the Cash Payments Journal should be posted to the general ledger at the end of each month.

Correct Answer
verified

For the merchant, bank credit card sales are nothing like cash sales.

Correct Answer
verified

The sales journal can be used to enter any kind of sales, including cash sales and sales on account.

Correct Answer
verified

Match the terms with the definitions. -A special journal used to record only transactions involving the receipt of cash.

Correct Answer
verified

It is inefficient to record all cash receipts in a general journal.

Correct Answer
verified

Each amount in the General Debit column of the cash payments journal should be posted daily.

Correct Answer
verified

A purchases journal is a special journal used to record purchases of merchandise for cash and on account.

Correct Answer
verified

Summary posting from the sales journal normally would be completed in which of the following orders?

Correct Answer
verified

Which of the following is NOT true about posting the cash receipts journal information at the end of the month?

Correct Answer
verified

Exam 12: Special Journals

After the posting of the accounts payable ledger and general ledger is completed, the total of the accounts payable ledger balances should equal the general ledger balance of

Correct AnswerverifiedShow Answer

Transactions that are similar in type and recorded frequently are likely to have a special journal.

Correct AnswerverifiedShow Answer

Posting to the accounts payable ledger should be made at the end of the month.

Correct AnswerverifiedShow Answer

Special journals enable a substantial time savings and make for a more efficient posting process.

Correct AnswerverifiedShow Answer

A common approach to keeping a record of each customer's accounts receivable is to use a subsidiary accounts receivable ledger.

Correct AnswerverifiedShow Answer

When purchasing merchandise for resale for cash, record the transaction in the

Correct AnswerverifiedShow Answer

For the merchant, bank credit card sales are treated in a manner similar to

Correct AnswerverifiedShow Answer

The total of the General Debit Column of the Cash Payments Journal should be posted to the general ledger at the end of each month.

Correct AnswerverifiedShow Answer

For the merchant, bank credit card sales are nothing like cash sales.

Correct AnswerverifiedShow Answer

The sales journal can be used to enter any kind of sales, including cash sales and sales on account.

Correct AnswerverifiedShow Answer

Match the terms with the definitions. -A special journal used to record only transactions involving the receipt of cash.

Correct AnswerverifiedShow Answer

It is inefficient to record all cash receipts in a general journal.

Correct AnswerverifiedShow Answer

Each amount in the General Debit column of the cash payments journal should be posted daily.

Correct AnswerverifiedShow Answer

A purchases journal is a special journal used to record purchases of merchandise for cash and on account.

Correct AnswerverifiedShow Answer

Summary posting from the sales journal normally would be completed in which of the following orders?

Correct AnswerverifiedShow Answer

Which of the following is NOT true about posting the cash receipts journal information at the end of the month?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified