Recording Transactions vocabulary

Which of the following is the correct order of the accounting cycle first 3 steps?

• collect and verify source documents, analyze each transaction, Journalize each transaction

• analyze each transaction, Journalize each transaction, collect and verify source documents,

• collect and verify source documents, Journalize each transaction, analyze each transaction

Which of the following is not a source document?

• invoice

• Receipt

• Check Stub

• Normal Balance

Which of the following is the definition of a source document?

• a source document which shows what was written on a check

• a source document that serves as a record of cash received

• a paper prepared as the evidence of a transaction

• a brief written message about a transaction

A source document that lists the quantity, description, unit price and total cost of the items sold and shipped to a buyer is called

• Invoice

• Memorandum

• Receipt

• Check Stub

A source document that serves as a record of cash received is called

• Invoice

• Memorandum

• Receipt

• Check Stub

A brief written message that describes a transaction that takes place within a business is called a/an

• Invoice

• Memorandum

• Receipt

• Check Stub

A source document that shows details of a check that was used to pay something is called a/an

• Invoice

• Memorandum

• Receipt

• Check Stub

A chronological record of the transactions of a business is a/an

• Ledger

• Account

• Journal

• Normal Balance

The process of recording business transactions is called

• Entering

• Posting

• Analyzing

• Journalizing

Owner invested $10,000 cash to start a business (Memo 1) is journalized

• debit cash in bank; credit Capital

• Debit Capital; credit Cash in Bank