The General Journal, Source Documents, HST

The General Journal, Source Documents, HST

11th Grade

25 Qs

quiz-placeholder

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The General Journal, Source Documents, HST

The General Journal, Source Documents, HST

Assessment

Quiz

Business

11th Grade

Practice Problem

Medium

Created by

rose guido

Used 38+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The year is recorded on the first line of each page of a journal.

true

false

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When 2 or more transactions occur on the same day, the day need only be recorded for the first transaction.

true

false

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In a journal entry, accounts to be debited are indented from the left margin.

true

false

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Some provinces charge PST, GST and HST simultaneously.

true

false

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following statements about the journal is INCORRECT?

It can be used as a reference to verify information in a ledger.

It presents the financial position of the business.

It provides a chronological record of a business transaction.

It is the book of original entry.

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The accounting entry for a sales invoice is:

DR Accounts Receivable, CR Sales

DR Accounts Payable, CR Sales

DR Sales, CR Accounts Payable

DR Sales, CR Accounts Receivable

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The correct journal entry for a business remitting HST to the government is:

DR Tax Expense, credit HST Payable

DR Tax Expense, CR Bank

DR HST Payable, CR Bank, CR HST Recoverable

DR HST Payable, DR HST Recoverable, CR Bank

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