Accounting Chapter 6 and 7 Review

What is the source document for recording a cash payment transaction?

• Invoice

• Receipt

• Memo

• Check Stub

What is the source document to show cash was received by the business?

• Invoice

• Receipt

• Memo

• Check Stub

What is the business paper that verifies that a transaction as actually occurred called?

• Accounting Cycle

• Journal

• Source Document

• Receipt

What is the sequence of business activities that are completed throughout a fiscal period?

• Journalizing

• Accounting Cycle

• Source Document

• Check Stub

What is a chronological record of the business transactions?

• Journal

• General Journal

• Journalizing

• Invoice

What is the process of recording business transactions in a journal?

• Journal

• General Journal

• Journalizing

• Source Document

What is a brief written message to describe a transaction occurring inside the business?

• Invoice

• Receipt

• Memo

• Check Stub

What is the all-purpose journal in which all transactions of a business will be recorded?

• Journal

• General Journal

• Journalizing

• Source Document

Which of the following is NOT one of the first three steps of the accounting cycle?

• Collect and Verify Source Documents

• Record Transactions in a journal

• Prepare the financial statements

• Analyze business transactions

Sally Silva purchased $100 in beauty supplies with cash. Which account is the CREDIT?

• A/P-A1 Beauty

• Cash in Bank

• A/R-Sally Silva

• Beauty Supplies