Vocabulary True or False Transaction Locations Random Trivia
100
What is an entry?
Information for each transaction recorded in a journal.
100
True
A calculator tape is the source document for daily sales.
100
What is Cash Debit and General Credit?
The two columns where you record, "Received cash from owner as an investment".
100
False
True or False: A memorandum is the source document used when items are paid in cash.
100
Who is Al Capone?
Chicago crime boss who was arrested and convicted for income tax evasion.
200
What is a journal?
A form for recording transactions in chronological order
200
True
Double lines across column totals mean that the totals have been verified as correct.
200
What is General Debit and Cash Credit?
The two columns where you record, "Paid cash for supplies".
200
What is sales invoice?
An invoice used as a source document for recording a sale on account.
200
What is bubble gum?
Invented by an accountant names Walter Diemer in 1928.
300
What is a receipt?
A business form giving written acknowledgement for cash received.
300
False
The source document used when supplies are bought on account is a check.
300
What is General Debit and Cash Credit?
The two columns where you record, "Paid cash for insurance".
300
What is General Debit and Cash Credit?
The two columns where you record, "Paid cash for an expense".
300
What is PricewaterhouseCoopers?
Name of one of the top accounting firms; abbreviated as PwC.
400
What is a memorandum?
A form on which a brief message is written to describe a transaction.
400
True
The journal columns used to record receiving cash from sales are Cash Debit and Sales Credit.
400
What is Cash Debit and Sales Credit?
The two columns where you record, "Received cash from sales".
400
True
True or False: The source document, sales invoice, is abbreviated as S in a journal entry.
400
What is "The Accountant"?
Movie starring Ben Affleck, who's character makes his living as a freelance accountant for dangerous criminal organizations.
500
What is double-entry accounting?
The recording of debit and credit parts of a transaction.
500
False
The journal columns used to record paying cash to the owner for a withdrawal of equity are Cash Debit and General Credit.
500
What is Cash Debit and General Credit?
The two columns where you record, "Received cash on account".
500
What is proving cash?
Determining that the amount of cash agrees with the accounting records.
500
Who is O.J. Simpson?
Former NFL player who hasn't paid any taxes since 2007, and reportedly owes $180,000.






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