BKP SUMMER Q3

iT contains either one debit and two or more credits; or two or more debits and one credit; or two ore more debits and two or more credits.

• compound journal entry

• single journal entry

The folio or reference column is used to indicate the page number of the ledger where the entry is transferred.

• true

• false

a)No spacing after each journal entry.

• true

• false

The credit amount is written on the credit column opposite the credit account.

• true

• false

The credit account is written first at the left margin of the account titles and explanation column

• true

• false

The explanation is placed on the next line after the credit account, indented about one inch from the margin.

• true

• false

The explanation should be long and sufficient enough to explain the entry

• true

• false

It is the first step in the accounting cycle and the process of recording business transactions in a journal

• Posting

• Journalizing

It is a book of accounts where the business transactions are recorded for the first time. It is also called the book of original entry.

• Journal

• Ledger

A segment of time usually a year in which statements are prepared in order to gauge the results of the business operation in particular period of time.

• Accounting period

• Accounting cycle