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bookkeeping final exam questions and answers
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bookkeeping final exam questions and answers
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bookkeeping final exam questions andanswers
what advantage is their to using special journal for cash disbursment transaction to a
general journal - Answer -reducing amount of time and expenses in posting credits to
the cash account. Only one posting is made at the end of a fiscal period to a credit to
cash
what justifies the use of a special column in a cash disbursment journal - Answer -how
often a account title is used
when does the checkmark indicate not to post - Answer -cash purchases
how is the accuracy of the subsidiary ledger proved - Answer -should equal the balance
of the controlling account in the general ledger
how is a signature card used by the bank teller - Answer -it verifies the drawers hand
written name and signature
what entry is recorded for a bank service charge - Answer -the entry should debit misc.
expenses and credit to cash
what information is reported in a customers statement of account - Answer -list
customers charges,payments, and returns with balances due
what type of transaction is exclusively entered in a cash receipt journal - Answer -all
transaction what would result in debits or cash
what type of transaction is recorded in a purchase journal - Answer -it records the
merchandise on account
what kind of entries are recorded in a general journal - Answer -all enteries not entered
in a special journal
a special purchase of merchandise rather than a purchase for cash - Answer -subsidiary
entry
a source document that describes a sale of merchandise - Answer -invoice
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