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Lesson 4 - Journal Entries

Total questions: 18

Worksheet time: 9mins

Name
Class
Date
1.

Revenue is recorded at the time goods or services are sold is an example of what accounting concept?

a)

Realization of Revenue

b)

Going Concern

c)

Unit of Measurement

d)

Business Entity

2.

Information for each transaction recorded in a journal is called a/an

a)

entry

b)

journal

c)

general

d)

source

3.

A form describing the goods or services sold, the quantity, and the price is called a/an

a)

invoice

b)

sales invoice

c)

memorandum

d)

receipt

4.

An increase in owner's equity resulting from the operation of a business is called

a)

revenue

b)

expense

c)

asset

d)

liability

5.

A source document is prepared for each transaction is an example of which accounting concept?

a)

Objective Evidence

b)

Business Entity

c)

Historical Costs

d)

Consistent Recording

6.

A business form giving written acknowledgement for cash received is called a/an

a)

receipt

b)

sales invoice

c)

memorandum

d)

check

7.

A journal with two amount columns in which all kinds of entries can be recorded is called a/an

a)

general journal

b)

special journal

c)

sales journal

d)

source journal

8.

Financial statements are prepared with the expectation that a business will remain in operation indefinitely is an example of what accounting concept?

a)

Going Concern

b)

Business Entity

c)

Realization of Revenue

d)

Unit of Measurement

9.

The recording of debit and credit parts of a transaction is called

a)

double-entry accounting

b)

journal

c)

source document

d)

general journal

10.

A form on which a brief message is written describing a transaction is called a/an

a)

memorandum

b)

receipt

c)

check

d)

sales invoice

11.

Business transactions are stated in numbers that have common values is an example of what accounting concept?

a)

Unit of Measurement

b)

Realization of Revenue

c)

Business Entity

d)

Going Concern

12.

A business paper from which information is obtained for a journal entry is called a/an

a)

source document

b)

double-entry accounting

c)

entry

d)

journal

13.

A decrease in the owner's equity resulting from the operation of a business is called

a)

expense

b)

asset

c)

liability

d)

revenue

14.

An invoice used as a source document for recording a sale on account is called a/an

a)

sales invoice

b)

receipt

c)

memorandum

d)

check

15.

What is it called when one records a transaction in a journal?

a)

journalizing

b)

inputing

c)

entering

d)

recording

16.

A business form ordering a bank to pay cash from a bank account is called a/an

a)

check

b)

receipt

c)

memorandum

d)

sales invoice

17.

A form for recording transactions in chronological order is called a/an

a)

journal

b)

invoice

c)

sales invoice

d)

receipt

18.

Financial information is recorded and reported separately from the owner's personal financial information is an example of what accounting concept?

a)

Business Entity

b)

Going Concern

c)

Unit of Measurement

d)

Realization of Revenue