Accounting Chapter 3

The source document for cash payments is a check.

• True

• False

The source document used when supplies are bought on account is a memorandum.

• True

• False

The accounting concept Unit of Measurement is being applied when a source document is prepared for each transaction.

• True

• False

A general journal page is complete when there is insufficient space to record any more entries.

• True

• False

Transactions are recorded in a journal in chronological order.

• True

• False

A complete journal entry consists of the date, the debit amount, the credit amount, and a source document.

• True

• False

When an entry in an amount column is an even dollar amount, either "00" or "--" can be entered in the cents column.

• True

• False

The Objective Evidence concept requires proof that a transaction did occur.

• True

• False

A calculator tape is the source document for daily sales,

• True

• False

Every business uses the same journal to record transactions.

• True

• False