Question 1

Each general ledger account used in the purchases journal requires only one posting for each accounting period.

Accepted Answer

A) True 
 B)False  True

Question 2

With a special journal, summary postings of column totals are made to appropriate accounts

Accepted Answer

A)  monthly. 
B)  daily. 
C)  yearly. 
D)  on a periodic basis. 
A)  monthly. 
B)  daily. 
C)  yearly. 
D)  on a periodic basis. A

Question 3

Transactions that are similar in type and recorded frequently are likely to have a special journal.

Accepted Answer

A) True 
 B)False  True

Question 4

A journal designed for entering only cash receipts is called a cash receipts journal.

Accepted Answer

A) True 
 B)False

Question 5

If a buyer is given an allowance for damaged merchandise, an entry is required in the general journal.

Accepted Answer

A) True 
 B)False

Question 6

After the posting of the accounts payable ledger and general ledger is completed, the total of the accounts payable ledger balances should equal the general ledger balance of

Accepted Answer

A)  Purchases. 
B)  Accounts Receivable. 
C)  Accounts Payable. 
D)  Purchases Returns and Allowances. 
A)  Purchases. 
B)  Accounts Receivable. 
C)  Accounts Payable. 
D)  Purchases Returns and Allowances.

Question 7

It is inefficient to record all cash payments in a general journal.

Accepted Answer

A) True 
 B)False

Question 8

After the posting of the accounts receivable ledger and the general ledger is completed, the total of the accounts receivable ledger balances should equal the Accounts Receivable balance in the general ledger.

Accepted Answer

A) True 
 B)False

Question 9

An account number in the Posting Reference column of the general journal indicates that the amount has been posted to the account in the general ledger.

Accepted Answer

A) True 
 B)False

Question 10

The types of special journals a business uses should depend on the types of transactions that occur most frequently for a business.

Accepted Answer

A) True 
 B)False

Question 11

A list showing the amount due to each supplier as of a specified date is known as the

Accepted Answer

A)  schedule of accounts receivable. 
B)  trial balance. 
C)  balance sheet. 
D)  schedule of accounts payable. 
A)  schedule of accounts receivable. 
B)  trial balance. 
C)  balance sheet. 
D)  schedule of accounts payable.

Question 12

Each amount in the General Debit column of the cash payments journal should be posted daily.

Accepted Answer

A) True 
 B)False

Question 13

When purchasing merchandise for resale on account, record the transaction in the

Accepted Answer

A)  sales journal. 
B)  cash receipts journal. 
C)  cash payments journal. 
D)  purchases journal. 
A)  sales journal. 
B)  cash receipts journal. 
C)  cash payments journal. 
D)  purchases journal.

Question 14

It is an acceptable business practice to post the accounts receivable ledger daily and the general ledger monthly.

Accepted Answer

A) True 
 B)False

Question 15

A journal designed for entering only purchases on account is called an accounts receivable journal.

Accepted Answer

A) True 
 B)False

Question 16

The total of the General Debit Column of the Cash Payments Journal should be posted to the general ledger at the end of each month.

Accepted Answer

A) True 
 B)False

Question 17

When posting the cash receipts journal to the general ledger, insert the date in the Date column and your initials in the Posting Reference column of each ledger account.

Accepted Answer

A) True 
 B)False

Question 18

Match the terms with the definitions.
-A special journal used to record only sales on account.

Accepted Answer

A) cash payments journal 
B) cash receipts journal 
C) sales journal 
D) special journal 
E) purchases journal 
A) cash payments journal 
B) cash receipts journal 
C) sales journal 
D) special journal 
E) purchases journal

Question 19

A common approach to keeping a record of each customer's accounts receivable is to use a(n)

Accepted Answer

A)  sales journal. 
B)  accounts receivable ledger. 
C)  general ledger. 
D)  controlling account. 
A)  sales journal. 
B)  accounts receivable ledger. 
C)  general ledger. 
D)  controlling account.

Question 20

The use of bank credit cards in connection with retail sales is not a common practice.

Accepted Answer

A) True 
 B)False

Exam 12: Special Journals

Each general ledger account used in the purchases journal requires only one posting for each accounting period.

With a special journal, summary postings of column totals are made to appropriate accounts

Transactions that are similar in type and recorded frequently are likely to have a special journal.

A journal designed for entering only cash receipts is called a cash receipts journal.

If a buyer is given an allowance for damaged merchandise, an entry is required in the general journal.

After the posting of the accounts payable ledger and general ledger is completed, the total of the accounts payable ledger balances should equal the general ledger balance of

It is inefficient to record all cash payments in a general journal.

After the posting of the accounts receivable ledger and the general ledger is completed, the total of the accounts receivable ledger balances should equal the Accounts Receivable balance in the general ledger.

An account number in the Posting Reference column of the general journal indicates that the amount has been posted to the account in the general ledger.

The types of special journals a business uses should depend on the types of transactions that occur most frequently for a business.

A list showing the amount due to each supplier as of a specified date is known as the

Each amount in the General Debit column of the cash payments journal should be posted daily.

When purchasing merchandise for resale on account, record the transaction in the

It is an acceptable business practice to post the accounts receivable ledger daily and the general ledger monthly.

A journal designed for entering only purchases on account is called an accounts receivable journal.

The total of the General Debit Column of the Cash Payments Journal should be posted to the general ledger at the end of each month.

When posting the cash receipts journal to the general ledger, insert the date in the Date column and your initials in the Posting Reference column of each ledger account.

Match the terms with the definitions. -A special journal used to record only sales on account.

A common approach to keeping a record of each customer's accounts receivable is to use a(n)

The use of bank credit cards in connection with retail sales is not a common practice.

Introduction to Accounting

Analyzing Transactions: the Accounting Equation

The Double-Entry Framework

Journalizing and Posting Transactions

Adjusting Entries and the Work Sheet

Financial Statements and the Closing Process

Accounting for Cash

Payroll Accounting: Employee Earnings and Deductions

Payroll Accounting: Employer Taxes and Reports

Accounting for Sales and Cash Receipts

Accounting for Purchases and Cash Payments

Accounting for Merchandise Inventory

Adjustments and the Work Sheet for a Merchandising Business

Financial Statements and Year-End Accounting for a Merchandising Business

Accounting for Accounts Receivable

Accounting for Notes and Interest

Accounting for Long-Term Assets

Accounting for Partnerships

Corporations: Organization and Capital Stocks

Corporations: Earnings, Taxes, Distributions, and the Retained Earnings Statement

Corporations: Bonds

Statement of Cash Flows

Analysis of Financial Statements

Departmental Accounting

Manufacturing Accounting: The Job Order Cost System

Manufacturing Accounting: The Work Sheet and Financial Statements

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