BOOKS OF ACCOUNTS
Quiz by Ruben Leyba
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8 questions
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- Q11. ______________________ are the finance records, ledgers and journals that compose the company's accountsSubsidiary ledgerCash Receipts JournalCash payments journalBooks of Accounts30s
- Q22. Which of the following is a purpose/use of the books of accounts?Proof of the business transactions reflected in the financial statementsAnalysis of the company's performanceAll of the aboveEnsuring regulatory compliance of the company45s
- Q33. Which of the following statements about the general journal is true?Provides a chronological record of the company's transactionsDisplays the transactions date, account titles and explanations and outstanding balances of each accountsInvolves the transferring of journal entries to the ledger accountsNone of the above45s
- Q44. A transaction is first recorded in a record called a __________-.T-accountChart of accountsJournalLedger45s
- Q55. The journal is often referred to as the book of original entry becauseThe business transaction is first recorded in this bookIt involves the process of journalizingIt is in chronological orderNone of the above45s
- Q66. The Cash receipts journal is used in journalizingAll transactions sales of merchandise on accountAll cash paid (including cash purchases)All cash received (including cash sales)All purchases of merchandise on account45s
- Q77. What is a firm's payment to supplier for merchandise inventory recorded?Purchases journalCash receipts journalCash payments journalSales journal45s
- Q88. Where are amounts owed by customers for credit purchases found?Cash payments journalGeneral ledgerAccounts Receivable subsidiary ledgersSales journal45s