Final Examination - FABM2

It is the simplest type of journal.

• Sales journal

• General Journal

• Cash Receipts Journal

• Cash disbursement journal

In accounting, the process of recording a transaction is called ________________

• Posting

• Recording

• Journalizing

• Accounting

It is a type of journal designed to record a particular type of transaction.

• Ledger

• General journal

• Balance sheet

• Special journal

It is a journal used to record all cash that have been received.

• Cash receipts journal

• Sales journal

• Purchase journal

• Cash disbursement journal

It is used to record all purchases of inventory on credit or on account.

• Cash receipts journal

• Sales journal

• Cash disbursement journal

• Purchase journal

All are features of a journal except _____________________.

• it shows all information concerning a particular transaction

• it provides a chronological record of all financial events in business over time

• it provides information about changes in asset, liability, equity, income, and expense accounts

• transactions can be easily traced back by date

It is a means of accumulating in one place all the information about changes in the major accounts.

• Sales journal

• Ledger

• Purchase journal

• Accounting

Ledger is also known as _____________

• General journal

• Worksheet    

• T-account

• none of the choices

Normal balance of asset when it increases

• debit

• credit

Normal balance of asset when it decreases

• debit

• credit