Question 1

Most transactions entered in a special journal use a single line, with the debit and credit amounts indicated in special columns provided for each account.

Accepted Answer

A) True 
 B)False

Question 2

A journal designed for entering only cash receipts is called the

Accepted Answer

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

Question 3

Match the terms with the definitions.
-A special journal used to record transactions involving the payment of cash.

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 4

Match the terms with the definitions.
-A special journal used to record only purchases of merchandise 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 5

The accounts receivable ledger is simply a detailed listing of the same information that is summarized in the accounts receivable account in the general ledger.

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

A)  accounts payable account balance. 
B)  accounts receivable account balance. 
C)  cash account balance. 
D)  net income amount. 
A)  accounts payable account balance. 
B)  accounts receivable account balance. 
C)  cash account balance. 
D)  net income amount.

Question 7

For the merchant, bank credit card sales are nothing like cash sales.

Accepted Answer

A) True 
 B)False

Question 8

It is important to post every column total from the cash receipts journal to the general ledger.

Accepted Answer

A) True 
 B)False

Question 9

When a business uses a subsidiary accounts receivable ledger, there is no need to keep a summary accounts receivable account in the general ledger.

Accepted Answer

A) True 
 B)False

Question 10

Purchases Returns and Allowances are recorded in the purchases journal.

Accepted Answer

A) True 
 B)False

Question 11

Summary posting from the sales journal normally would be completed in which of the following orders?

Accepted Answer

A)  Accounts Receivable, Sales, and Sales Tax Payable columns 
B)  Sales Tax Payable, Sales, and Accounts Receivable columns 
C)  Sales, Sales Tax Payable, and Accounts Receivable columns 
D)  Accounts Receivable, Sales Tax Payable, and Sales columns 
A)  Accounts Receivable, Sales, and Sales Tax Payable columns 
B)  Sales Tax Payable, Sales, and Accounts Receivable columns 
C)  Sales, Sales Tax Payable, and Accounts Receivable columns 
D)  Accounts Receivable, Sales Tax Payable, and Sales columns

Question 12

Individual amounts for purchases returns and allowances are recorded in the General Debit column of the cash payments journal.

Accepted Answer

A) True 
 B)False

Question 13

If a business uses special journals, it does NOT need to have a general journal.

Accepted Answer

A) True 
 B)False

Question 14

Posting from the sales journal to the general ledger accounts requires only one posting per account each period.

Accepted Answer

A) True 
 B)False

Question 15

A recommended accounting practice in order to eliminate a General Debit column in the cash payments journal is to provide separate columns for special groups of entries such as Accounts Payable, Purchases, Purchases Discounts, and Cash.

Accepted Answer

A) True 
 B)False

Question 16

The sales journal can be used to enter any kind of sales, including cash sales and sales on account.

Accepted Answer

A) True 
 B)False

Question 17

A cash payments journal is a special journal used to record all of the following EXCEPT

Accepted Answer

A)  a payment of an expense by check. 
B)  a cash purchase of supplies. 
C)  a cash withdrawal by the owner. 
D)  an asset accepted as payment by a supplier. 
A)  a payment of an expense by check. 
B)  a cash purchase of supplies. 
C)  a cash withdrawal by the owner. 
D)  an asset accepted as payment by a supplier.

Question 18

A record used to keep the amount owed to each supplier is called a(n)

Accepted Answer

A)  accounts receivable ledger. 
B)  accounts payable ledger. 
C)  cash payments journal. 
D)  general ledger for accounts payable. 
A)  accounts receivable ledger. 
B)  accounts payable ledger. 
C)  cash payments journal. 
D)  general ledger for accounts payable.

Question 19

Every entry in the cash payments journal includes all of the following EXCEPT

Accepted Answer

A)  the number of the check issued. 
B)  the name of the supplier or other accounts debited. 
C)  the amount of the cash payment entered in the Cash Credit column. 
D)  the amount of the cash payment entered in the Cash Debit column. 
A)  the number of the check issued. 
B)  the name of the supplier or other accounts debited. 
C)  the amount of the cash payment entered in the Cash Credit column. 
D)  the amount of the cash payment entered in the Cash Debit column.

Question 20

Special journals enable a substantial time savings and make for a more efficient posting process.

Accepted Answer

A) True 
 B)False

Exam 12: Special Journals

Most transactions entered in a special journal use a single line, with the debit and credit amounts indicated in special columns provided for each account.

A journal designed for entering only cash receipts is called the

Match the terms with the definitions. -A special journal used to record transactions involving the payment of cash.

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

The accounts receivable ledger is simply a detailed listing of the same information that is summarized in the accounts receivable account in the general ledger.

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

For the merchant, bank credit card sales are nothing like cash sales.

It is important to post every column total from the cash receipts journal to the general ledger.

When a business uses a subsidiary accounts receivable ledger, there is no need to keep a summary accounts receivable account in the general ledger.

Purchases Returns and Allowances are recorded in the purchases journal.

Summary posting from the sales journal normally would be completed in which of the following orders?

Individual amounts for purchases returns and allowances are recorded in the General Debit column of the cash payments journal.

If a business uses special journals, it does NOT need to have a general journal.

Posting from the sales journal to the general ledger accounts requires only one posting per account each period.

A recommended accounting practice in order to eliminate a General Debit column in the cash payments journal is to provide separate columns for special groups of entries such as Accounts Payable, Purchases, Purchases Discounts, and Cash.

The sales journal can be used to enter any kind of sales, including cash sales and sales on account.

A cash payments journal is a special journal used to record all of the following EXCEPT

A record used to keep the amount owed to each supplier is called a(n)

Every entry in the cash payments journal includes all of the following EXCEPT

Special journals enable a substantial time savings and make for a more efficient posting process.

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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