DH Accounting Rev Chap 1-6

If an error is recorded in a journal entry,

• Correct the entry by writing the correct item above the canceled error

• Do not erase the incorrect item

• Cancel the error by drawing a neat line through the error

• All of these

The entry to record receipt of cash from the owner as an investment is

• Debit Cash, credit Accounts Payable

• Debit Capital, credit Cash

• Debit Cash, credit Captial

• None of these

An endorsement on the back of a check indicating that the check is to be accepted for deposit only is a

• Special Endorsement

• Deposit Endorsement

• Blank Endorsement

• Restrictive Endorsement

A petty cash fund is always replenished

• At the end of the month

• Weekly

• Daily

• None of these

Following the same accounting procedures in the same way in each accounting period is an application of the accounting concept

• Accounting Period Cycle

• Consistent Reporting

• Going Concern

• Matching Expenses with Revenue

If the Trial Balance columns are not equal and the difference is 1, the error often is

• In addition

• In posting

• In writing an amount in the wrong column

• Transposed numbers or a "slide"

A check with a future date on it is a Postdated check.

• True

• False

Separate amounts in special amount columns are posted individually.

• True

• False

Journals, ledger, and work sheets are considered permanent records.

• True

• False

A withdrawal decrease's owner's equity.

• True

• False