ACCOUNTING FINAL EXAM 22-23 PRE/POST-ASSESSMENT

An amount recorded in the Accounts Receivable Debit column of a sales journal is posted in the customer's account when the transaction is journalized.

• True

• False

After special journals have been proved and ruled, column totals from the special amount columns are posted to the general ledger accounts indicated in the column headings.

• True

• False

The amount recorded in the Cash Credit column of the cash payments journal for the payment of payroll equals the net pay.

• True

• False

Merchandising businesses often use a point-of-sale terminal to process cash and credit card sales.

• True

• False

Net income increased the retained earnings of a corporation as shown on the statement of stockholder's equity.

• True

• False

When amounts are posted from the sales journal to the customer's accounts, the customer number is recorded in the Post. Ref. column of the sales journal.

• True

• False

A form prepared by the customer, showing the price deduction taken by the customer for returns and allowances is known as a debit memorandum.

• True

• False

Total shares of ownership in a corporation are called capital stock.

• True

• False

A list of vendor accounts, account balances, and the total amount due to all vendors is a schedule of accounts payable.

• True

• False

Transferring information from a journal entry to a ledger account is known as recording.

• True

• False