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Ch 11 True or False

Quiz by Michelle Bruce

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20 questions
Show answers
  • Q1
    The correcting entry to correct a sale on account recorded to the wrong customer in the sales journal involves Accounts Receivale and the subsidiary ledger accounts
    F
    R
    30s
  • Q2
    Net income increases a corporations's total stockholders' equity.
    T
    F
    30s
  • Q3
    A corporation's Dividends account is a temporary account.
    F
    T
    30s
  • Q4
    The normal account balance of purchases returns and allownaces is a debit
    f
    t
    30s
  • Q5
    An entry in the general journal that affects AP also affects a vendor's account in the accounts payable ledger
    F
    T
    30s
  • Q6
    A corporation can decide if and when to declare a dividen.
    F
    T
    30s
  • Q7
    The normal account balance of Sales Returns and Allowances is a credit
    T
    F
    30s
  • Q8
    A sales return that credits the customer's account is recorded in the general journal
    T
    F
    30s
  • Q9
    Credit allowed for part of the purchases price of merchandise that is not returned does not change the balance of the customer's acocunt payable.
    F
    T
    30s
  • Q10
    A credit memorandum prepared by a customers results in the customer recording a debit to the vendor account.
    F
    T
    30s
  • Q11
    An entry recorded in a general journal will increase the account debitied and decrease the account credited.
    F
    T
    30s
  • Q12
    A general journal entry posted to Accounts Payable will also be posted to an accounts payable account.
    F
    T
    30s
  • Q13
    Dividends can be distributed to stockholders only by formal action of a corporation's board of directiors.
    F
    T
    30s
  • Q14
    In a computerized accounting system, transactions recorded on a general journal are posted at the end of the month.
    T
    F
    30s
  • Q15
    A completed general journal page should always be reviewed to be sure that all posting have been made.
    F
    T
    30s

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