quizizz 5.1.1/5.1.2 Accounting 1

The two kinds of merchandising businesses are _____.

• ​retailers and wholesalers

• ​sales and service

• Amazon and Walgreens

• ​online and site-based

​Which step is a major part of the merchandising accounting equation but not the service accounting equation?​

• sales

• ​cost of goods

• ​operating expenses

• ​accounts receivable

​The use of special journals helps businesses by _____.

• making use of digital software

• ​introducing internal controls

• saving time and reducing errors

• ​making statements more frequent

​Which document is used as a source for recording to the sales journal?

• ​credit memo

• ​purchase order

• ​check

• ​invoice

​The purchase journal records all company purchases _____.

• ​for goods on account

• ​for goods paid by check

• ​for services on account

• ​for services paid in cash

Why are special journals more efficient than a general ledger for most types of transactions?​

• ​because journal totals don't have to balance like ledgers do

• ​because entries can be made in one line instead of multiple lines

• ​because journals can be set up digitally

• ​because general ledgers don't use columns

​Entries in a cash receipts journal are a _____.

• ​Entries in a cash receipts journal are a _____.

• ​credit to cash only

• debit to cash and credit to the appropriate account

• a debit to cash disbursements

​What are the most common source documents for cash disbursement journal entries?

• ​credit charges

• ​invoices

• ​purchase orders

• ​checks

​What account is debited in the cash disbursements journal when a business makes a payment for goods purchased?

• ​accounts payable

• ​accounts receivable

• ​cash

• ​purchases

​What is the most important accounting benefit gained by the use of special journals?

• ​cost savings

• ​increased efficiency and accuracy

• ​compliance with regulations

• ​limited liability for errors