Question 1

Toy Trains Company bought $5,000 of merchandise,terms 2/10,n/30.The journal entry to record the transaction under the net approach method would be to:

Accepted Answer

A) debit Purchases $4,900; credit Accounts Payable $4,900. 
B) debit Purchases $5,000; credit Vouchers Payable $5,000. 
C) debit Purchases $5,000; credit Vouchers Payable $4,900; credit Discounts Lost $100. 
D) debit Purchases $4,900; credit Vouchers Payable $4,900. 
A) debit Purchases $4,900; credit Accounts Payable $4,900. 
B) debit Purchases $5,000; credit Vouchers Payable $5,000. 
C) debit Purchases $5,000; credit Vouchers Payable $4,900; credit Discounts Lost $100. 
D) debit Purchases $4,900; credit Vouchers Payable $4,900.

Question 2

In a voucher system,Accounts Payable is the controlling account for the subsidiary ledger Unpaid Vouchers.

Accepted Answer

A) True 
 B)False

Question 3

When a purchase is made,the business will:

Accepted Answer

A) credit Vouchers Payable. 
B) enter a voucher in the voucher register. 
C) debit Purchases. 
D) All of the above. 
A) credit Vouchers Payable. 
B) enter a voucher in the voucher register. 
C) debit Purchases. 
D) All of the above.

Question 4

A(n)________ is used for every cash payment made.

Accepted Answer

A) invoice 
B) voucher 
C) purchase order 
D) purchase requisition 
A) invoice 
B) voucher 
C) purchase order 
D) purchase requisition

Question 5

Under a voucher system,every liability is recorded at the time:

Accepted Answer

A) of requisition. 
B) of receipt. 
C) of order placement. 
D) the liability is incurred. 
A) of requisition. 
B) of receipt. 
C) of order placement. 
D) the liability is incurred.

Question 6

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement in which the account balance is reported, and in Column 4 the account's nature (permanent/temporary).
-$\begin{array} { | l | l | l | l | l | } 
\hline & \text { Column 1 } & \text { Column 2 } & \text { Column } 3 & \text { Column } 4 \
\hline \text { Repairs expense } & & & & \
\hline
\end{array}$

Accepted Answer

The answer of For each of the following, identify in...

Question 7

When a voucher transaction does not fit in the special columns of the voucher register,it will be recorded in the:

Accepted Answer

A) general journal. 
B) sundry column. 
C) vouchers payable credit column. 
D) both B and C. 
A) general journal. 
B) sundry column. 
C) vouchers payable credit column. 
D) both B and C.

Question 8

In a voucher system,the cash payments journal:

Accepted Answer

A) is replaced by a check register. 
B) is used to record payments by check. 
C) is used to record the information found in the check register. 
D) supplements the check register. 
A) is replaced by a check register. 
B) is used to record payments by check. 
C) is used to record the information found in the check register. 
D) supplements the check register.

Question 9

All paid vouchers may be filed in the paid voucher file according to:

Accepted Answer

A) check number. 
B) date of payment. 
C) voucher number. 
D) invoice date. 
A) check number. 
B) date of payment. 
C) voucher number. 
D) invoice date.

Question 10

Before a voucher is approved for payment,all documents must be in agreement,except for the:

Accepted Answer

A) accounts receivable ledger. 
B) invoice. 
C) purchase order. 
D) receiving report. 
A) accounts receivable ledger. 
B) invoice. 
C) purchase order. 
D) receiving report.

Question 11

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement in which the account balance is reported, and in Column 4 the account's nature (permanent/temporary).
-$\begin{array} { | l | l | l | l | l | } 
\hline & \text { Column 1 } & \text { Column 2 } & \text { Column } 3 & \text { Column } 4 \
\hline \text { Delivery expense } & & & & \
\hline
\end{array}$

Accepted Answer

The answer of For each of the following, identify in...

Question 12

Given the following accounts:
[1]Cash in bank
[2]Petty cash
[3]Supplies
[4]Equipment
[5]Notes payable
[6]Vouchers payable
[7]FICA payable
[8]Wages payable
[9]Purchases
[10]Purchase discounts
[11]Discounts lost
[12]Repairs exp
[13]Interest expense
[14]Delivery expense
Indicate the account(s) to be debited and credited to record the following transactions.
-Paid voucher #419 which was issued to reimburse petty cash for the purchase of supplies,$35,and delivery expense of $50.
Debit ________ & ________ & ________ Credit ________ & ________ & ________

Accepted Answer

The answer of Given the following accounts:
[1]Cash in bank
[2]Petty cash
[3]Supplies
[4]Equipment
[5]Notes...

Question 13

Button Corporation uses a voucher system.Record the following transactions in general journal format.Omit the explanations.
Nov. 8 $\quad $ Turchased office equipment from Tram Company, $800; voucher no. 200was prepared. 
Nov. 12  $\quad $Established a petty cash fund of $80; voucher no. 201 was prepared.
Nov. 14  $\quad $Turchaged merchandise from Carr Corporation, 202; voucher no. 202 was prepared.

Accepted Answer

None

Question 14

Important control features provided by a voucher system:

Accepted Answer

A) assure only approved invoices are paid. 
B) centralize the recording of all expenditures in one place-the voucher register. 
C) include using the check register along with the voucher register. 
D) All of these answers are correct. 
A) assure only approved invoices are paid. 
B) centralize the recording of all expenditures in one place-the voucher register. 
C) include using the check register along with the voucher register. 
D) All of these answers are correct.

Question 15

The element that is used in the voucher system is the:

Accepted Answer

A) voucher register. 
B) tickler file. 
C) paid voucher file. 
D) All of these elements are used in a voucher system. 
A) voucher register. 
B) tickler file. 
C) paid voucher file. 
D) All of these elements are used in a voucher system.

Question 16

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement in which the account balance is reported, and in Column 4 the account's nature (permanent/temporary).
-$\begin{array} { | l | l | l | l | l | } 
\hline & \text { Column 1 } & \text { Column 2 } & \text { Column 3 } & \text { Column 4 } \
\hline \text { Purchases } & & & & \
\hline
\end{array}$

Accepted Answer

The answer of For each of the following, identify in...

Question 17

Which of the following is not a part of internal control?

Accepted Answer

A) Separation of duties 
B) No purchases are made without approval. 
C) A voucher system is used. 
D) None of these answers are correct. 
A) Separation of duties 
B) No purchases are made without approval. 
C) A voucher system is used. 
D) None of these answers are correct.

Question 18

In the voucher register "miscellaneous accounts" are classified as ________ accounts.

Accepted Answer

The answer of In the voucher register "miscellaneous accounts" are...

Question 19

The book of original entry in a voucher system is the:

Accepted Answer

A) sales journal. 
B) purchases journal. 
C) voucher register. 
D) check register. 
A) sales journal. 
B) purchases journal. 
C) voucher register. 
D) check register.

Question 20

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement in which the account balance is reported, and in Column 4 the account's nature (permanent/temporary).
-$\begin{array} { | l | l | l | l | l | } 
\hline & \text { Column 1 } & \text { Column 2 } & \text { Column 3 } & \text { Column 4 } \
\hline \text { Cash in bank } & & & & \
\hline
\end{array}$

Accepted Answer

The answer of For each of the following, identify in...

Toy Trains Company bought $5,000 of merchandise,terms 2/10,n/30.The journal entry to record the transaction under the net approach method would be to:

In a voucher system,Accounts Payable is the controlling account for the subsidiary ledger Unpaid Vouchers.

When a purchase is made,the business will:

A(n)________ is used for every cash payment made.

Under a voucher system,every liability is recorded at the time:

When a voucher transaction does not fit in the special columns of the voucher register,it will be recorded in the:

In a voucher system,the cash payments journal:

All paid vouchers may be filed in the paid voucher file according to:

Before a voucher is approved for payment,all documents must be in agreement,except for the:

Important control features provided by a voucher system:

The element that is used in the voucher system is the:

Which of the following is not a part of internal control?

In the voucher register "miscellaneous accounts" are classified as ________ accounts.

The book of original entry in a voucher system is the:

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: The Beginning of the Payroll Process

Paying,recording,and Reporting Payroll and Payroll Taxes: The Conclusion of the Payroll Process

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, plant, equipment, and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values, dividends, treasury Stocks, and Retained Earnings

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

Departmental Accounting

Manufacturing Accounting

Filters

Exam 23: The Voucher System

Toy Trains Company bought $5,000 of merchandise,terms 2/10,n/30.The journal entry to record the transaction under the net approach method would be to:

In a voucher system,Accounts Payable is the controlling account for the subsidiary ledger Unpaid Vouchers.

When a purchase is made,the business will:

A(n)________ is used for every cash payment made.

Under a voucher system,every liability is recorded at the time:

When a voucher transaction does not fit in the special columns of the voucher register,it will be recorded in the:

In a voucher system,the cash payments journal:

All paid vouchers may be filed in the paid voucher file according to:

Before a voucher is approved for payment,all documents must be in agreement,except for the:

Important control features provided by a voucher system:

The element that is used in the voucher system is the:

Which of the following is not a part of internal control?

In the voucher register "miscellaneous accounts" are classified as ________ accounts.

The book of original entry in a voucher system is the:

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: The Beginning of the Payroll Process

Paying,recording,and Reporting Payroll and Payroll Taxes: The Conclusion of the Payroll Process

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, plant, equipment, and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values, dividends, treasury Stocks, and Retained Earnings

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

Departmental Accounting

Manufacturing Accounting

Filters