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| 1.
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When using a single column Sales Journal, the column total is: |
| | A) | not posted |
| | B) | posted to Sales, only |
| | C) | posted to Sales (cr.) and Accounts Receivable (dr.) |
| | D) | posted to a Subsidiary Ledger |
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| 2.
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Which of the following is never a controlling account? |
| | A) | Capital |
| | B) | Office Equipment |
| | C) | Accounts Payable |
| | D) | Merchandise Inventory |
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| 3.
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To determine the collectability of a customer's account would require evaluation of the records found in the |
| | A) | Balance Sheet |
| | B) | Schedule of Accounts Payable |
| | C) | Accounts Receivable Subsidiary Ledger |
| | D) | Schedule of Accounts Receivable |
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| 4.
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The total of the Schedule of Accounts Payable must be the same as the |
| | A) | cash balance |
| | B) | trial balance total |
| | C) | balance of the Account Payable account |
| | D) | balance of the Accounts Receivable account |
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| 5.
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Many large companies have saved millions of dollars by using specialized, sometimes custom written, software to increase speed and efficiency of their extended operations. This software is called |
| | A) | Windows 98 |
| | B) | Peachtree |
| | C) | Enterprise application software |
| | D) | Networks |
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| 6.
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Which of the following statements is false with regard to a Cash Receipts Journal? |
| | A) | All receipts of cash from customers should be recorded in it |
| | B) | Receipts of cash from the owner should not be recorded in it |
| | C) | Receipt of cash from cash sales should be recorded in it |
| | D) | Receipt of cash from borrowing should be recorded in it |
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| 7.
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The process of verifying that total debits equal total credits in a columnar journal is called: |
| | A) | crossfooting |
| | B) | journalizing |
| | C) | posting |
| | D) | footing |
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| 8.
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When special journals are used, a General Journal is |
| | A) | still required |
| | B) | not needed |
| | C) | used only to record sales returns and allowances |
| | D) | used only to record cash deposits of owner investments |
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| 9.
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Supplies were purchased on credit and the entry was recorded in the Purchases Journal. When a part of this supply purchase is returned to the vendor, the entry to record the return will be in the general journal. What will be the journal entry for this return? |
| | A) | debit Cash and credit Supplies |
| | B) | debit Supplies and credit Accounts Receivable |
| | C) | debit Accounts Payable and credit Supplies |
| | D) | debit Supplies and credit Cash |
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| 10.
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Which of the following is a combination of other sales taxes in the Atlantic Provinces? |
| | A) | GST |
| | B) | HST |
| | C) | PST |
| | D) | CCRA |
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| 11.
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When special journals are used, a General Journal is for the following purpose except |
| | A) | adjusting entries |
| | B) | closing entries |
| | C) | correcting entries |
| | D) | merchandise sales on credit |
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| 12.
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Which of the following system standards requires policies to direct operations toward common goals, procedures to ensure reliable financial reports, safeguards to protect company assets, and methods to achieve compliance with laws and regulations? |
| | A) | relevance standard |
| | B) | control standard |
| | C) | compatibility standard |
| | D) | cost-benefit standard. |
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| 13.
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The month-end adjusting entries should be recorded in which of the following journals? |
| | A) | general journal |
| | B) | sales journal |
| | C) | purchases journal |
| | D) | cash receipts journal |
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| 14.
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Sales discounts transactions should be recorded in which of the following journals? |
| | A) | general journal |
| | B) | sales journal |
| | C) | cash disbursement journal |
| | D) | cash receipts journal |
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| 15.
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A cash purchase of office supplies transaction should be recorded in which of the following journals? |
| | A) | general journal |
| | B) | purchases journal |
| | C) | cash disbursement journal |
| | D) | cash receipts journal |
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