WorksheetsLesson 4 - Journal Entries
Total questions: 18
Worksheet time: 9mins
Revenue is recorded at the time goods or services are sold is an example of what accounting concept?
Realization of Revenue
Going Concern
Unit of Measurement
Business Entity
Information for each transaction recorded in a journal is called a/an
entry
journal
general
source
A form describing the goods or services sold, the quantity, and the price is called a/an
invoice
sales invoice
memorandum
receipt
An increase in owner's equity resulting from the operation of a business is called
revenue
expense
asset
liability
A source document is prepared for each transaction is an example of which accounting concept?
Objective Evidence
Business Entity
Historical Costs
Consistent Recording
A business form giving written acknowledgement for cash received is called a/an
receipt
sales invoice
memorandum
check
A journal with two amount columns in which all kinds of entries can be recorded is called a/an
general journal
special journal
sales journal
source journal
Financial statements are prepared with the expectation that a business will remain in operation indefinitely is an example of what accounting concept?
Going Concern
Business Entity
Realization of Revenue
Unit of Measurement
The recording of debit and credit parts of a transaction is called
double-entry accounting
journal
source document
general journal
A form on which a brief message is written describing a transaction is called a/an
memorandum
receipt
check
sales invoice
Business transactions are stated in numbers that have common values is an example of what accounting concept?
Unit of Measurement
Realization of Revenue
Business Entity
Going Concern
A business paper from which information is obtained for a journal entry is called a/an
source document
double-entry accounting
entry
journal
A decrease in the owner's equity resulting from the operation of a business is called
expense
asset
liability
revenue
An invoice used as a source document for recording a sale on account is called a/an
sales invoice
receipt
memorandum
check
What is it called when one records a transaction in a journal?
journalizing
inputing
entering
recording
A business form ordering a bank to pay cash from a bank account is called a/an
check
receipt
memorandum
sales invoice
A form for recording transactions in chronological order is called a/an
journal
invoice
sales invoice
receipt
Financial information is recorded and reported separately from the owner's personal financial information is an example of what accounting concept?
Business Entity
Going Concern
Unit of Measurement
Realization of Revenue
