Vocabulary | True or False | Transaction Locations | Random | Trivia |
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What is an entry?
Information for each transaction recorded in a journal.
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True
A calculator tape is the source document for daily sales.
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What is Cash Debit and General Credit?
The two columns where you record, "Received cash from owner as an investment".
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False
True or False: A memorandum is the source document used when items are paid in cash.
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Who is Al Capone?
Chicago crime boss who was arrested and convicted for income tax evasion.
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What is a journal?
A form for recording transactions in chronological order
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True
Double lines across column totals mean that the totals have been verified as correct.
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What is General Debit and Cash Credit?
The two columns where you record, "Paid cash for supplies".
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What is sales invoice?
An invoice used as a source document for recording a sale on account.
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What is bubble gum?
Invented by an accountant names Walter Diemer in 1928.
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What is a receipt?
A business form giving written acknowledgement for cash received.
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False
The source document used when supplies are bought on account is a check.
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What is General Debit and Cash Credit?
The two columns where you record, "Paid cash for insurance".
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What is General Debit and Cash Credit?
The two columns where you record, "Paid cash for an expense".
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What is PricewaterhouseCoopers?
Name of one of the top accounting firms; abbreviated as PwC.
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What is a memorandum?
A form on which a brief message is written to describe a transaction.
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True
The journal columns used to record receiving cash from sales are Cash Debit and Sales Credit.
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What is Cash Debit and Sales Credit?
The two columns where you record, "Received cash from sales".
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True
True or False: The source document, sales invoice, is abbreviated as S in a journal entry.
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What is "The Accountant"?
Movie starring Ben Affleck, who's character makes his living as a freelance accountant for dangerous criminal organizations.
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What is double-entry accounting?
The recording of debit and credit parts of a transaction.
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False
The journal columns used to record paying cash to the owner for a withdrawal of equity are Cash Debit and General Credit.
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What is Cash Debit and General Credit?
The two columns where you record, "Received cash on account".
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What is proving cash?
Determining that the amount of cash agrees with the accounting records.
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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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