3-1 Quiz Accounting

What is a journal?

• A form for recording transactions in chronological order

• A business paper from which information is obtained for a journal entry

• A business form giving written acknowledgement for cash received

What is the process of recording transactions in a journal called?

• Journalizing

• Double-entry accounting

• Source document

What is the purpose of double-entry accounting?

• To ensure accuracy in recording transactions

• To provide a chronological record of transactions

• To obtain information for a journal entry

What is a source document?

• A business paper from which information is obtained for a journal entry

• A form ordering a bank to pay cash from a bank account

• A form describing the goods or services sold

What is a check?

• A business form ordering a bank to pay cash from a bank account

• A form describing the goods or services sold

• A form used to record a sale on account

What is an invoice?

• A form describing the goods or services sold, the quantity, the price, and the terms of sale

• A business form ordering a bank to pay cash from a bank account

• A form used to record a sale on account

What is a sales invoice?

• An invoice used as a source document for recording a sale on account

• A form describing the goods or services sold, the quantity, the price, and the terms of sale

• A business form ordering a bank to pay cash from a bank account

What is a receipt?

• A business form giving written acknowledgement for cash received

• A form describing the goods or services sold, the quantity, the price, and the terms of sale

• A form used to record a sale on account

What is a memorandum?

• A form on which a brief message is written to describe a transaction

• A business form ordering a bank to pay cash from a bank account

• A form giving written acknowledgement for cash received

What is the first step in journalizing a transaction?

• Write the date in the Date column

• Write the title of the account credited in the Account Title column

• Write the source document number in the Doc. No. column