BAF3M-Chapters 6 & 7 Print test

An accounting entry to rectify the effect of an error

• Correcting Journal Entry

• Book Of Original Entry

• Striking Through And Writing It Above

• Decimal Point Error

The name of the item for which an account is prepared, entered at the top of the account page

• Purchase Invoice

• Posting

• Accounting

• Account Title

The process of continuing an account of journal on a new page by carrying forward all relevant information from the completed page

• Hedging

• Forwarding

• Cross-referencing

• Posting

The process of transferring that accounting entries from the journal of the ledger is called:

• Source Document

• Forwarding

• Journalizing

• Posting

A business form by means of which a bank informs a depositor that decrease has been made in the bank account and the reason for the decrease is known as:

• Bank Debit Memo

• Cheque Copy

• Sales Invoice

• Purchase Invoice

Part of the posting sequence in which the journal page number for a given entry is recorded in the appropriate account, and the account number, in turn, is recorded on journal paper is called:

• Cross-Referencing

• Journalizing

• Posting

• Indexing

A business form showing the details of a transaction in which goods or services are sold to a customer for cash is known as:

• Cash Sales Slip

• Sales Invoice

• Bank Credit Memo

• Purchase Invoice

Any journal that contains the first, or original, record of each transaction is called:

• Book of Original Entry

• Chart of Accounts

• Source Document

• General Journal

A mistake caused by misplacing the decimal point in an amount is referred to as:

• Decimal Point Error

• Transposition Error

• Look-alike Packaging Error

• Calculation Error

In Canada, a value-added tax collected by the seller of most goods and services and remitted to the federal government is known as:

• PST

• VAT

• HST

• GST