NEW
Font size
S
M
L
XL
WorksheetsAccounting I Review - Chapters 1 through 6
Total questions: 26
Worksheet time: 13mins
Name
Class
Date
1.
The amount of the supplies used during a fiscal period is an expense.
a)
True
b)
False
2.
An amount recorded on the right side of a T account is a Debit.
a)
True
b)
False
3.
Each asset account has a normal credit balance.
a)
True
b)
False
4.
Each liability account has a normal debit balance.
a)
True
b)
False
5.
The source document for all cash payments is a check.
a)
True
b)
False
6.
A receipt is the source document for cash received from transactions other than sales.
a)
True
b)
False
7.
The Accounting Concept Unit of Measurement is being applied when a source document is prepared for each transaction.
a)
True
b)
False
8.
If an amount is written in an incorrect column of a work sheet, the error should be erased and the amount should be written in the correct column.
a)
True
b)
False
9.
The source document used when supplies are bought on account is a memorandum
a)
True
b)
False
10.
To correct an error in a journal, one can simply erase the incorrect item and write the correct item.
a)
True
b)
False
11.
A general journal page is complete when there is insufficient space to record any more entries.
a)
True
b)
False
12.
A transaction recorded in a journal is not considered a permanent record.
a)
True
b)
False
13.
All corrections for posting errors should be made in a way that leaves no question as to the correct amount.
a)
True
b)
False
14.
The source document for a debit card purchase is a purchase invoice.
a)
True
b)
False
15.
A journal shows in one place all the changes in a single account
a)
True
b)
False
16.
The account number is placed in the Post. Ref. column of the journal as the last step in the posting procedure.
a)
True
b)
False
17.
The posting reference should always be recorded in the journal's Post Ref. column before amounts are recorded in the ledger.
a)
True
b)
False
18.
The two steps for opening an account are writing the account title and recording the balance.
a)
True
b)
False
19.
The steps for posting are to write the date, the journal page number, the amount, and the balance.
a)
True
b)
False
20.
A bank requires that the signature of the person authorized to sign checks is included on the signature card.
a)
True
b)
False
21.
Ownership of a check cannot be transferred.
a)
True
b)
False
22.
Only accounts with a balance are listed in the Trial Balance columns of a work sheet.
a)
True
b)
False
23.
Adjusting entries must be posted to the general ledger accounts.
a)
True
b)
False
24.
If the Trial Balance columns are not equal and the difference can be evenly divided by 9, then the error most likely is a transposed number.
a)
True
b)
False
25.
Net income on a work sheet is calculated by subtracting the Income Statement Debit column total from the Income Statement Credit column total.
a)
True
b)
False
26.
An accounting device used to analyze transactions is a T account.
a)
True
b)
False
Reset
