Accounting

Question: Which of the following is incorrect concerning the posting of the cash receipts journal?
A
The total of the other accounting column is not posted.

B
All column totals except the total for the other accounts column are posted once at the end of the month to the account title specified in the column heading.

C
The totals of all columns are posted daily to the accounts specified in the column heading.

D
The individual amounts in a column posted in total to a control account are posted daily to the subsidiary ledger account specified in the account credited column.

Note: Not available
1. Report
Question: Posting from the purchases journal to the subsidiary ledger are generally made:
A
yearly.

B
monthly.

C
weekly.

D
daily.

Note: Not available
1. Report
Question: Which statement is incorrect regarding the general journal?
A
Only transactions that cannot be entered in a special journal are recorded in the general journal.

B
Dual postings are always required in the general journal.

C
The general journal may be used to record acceptance of a note receivable in payment of an account receivable.

D
Correcting, adjusting and closing entries are made in the general journal.

Note: Not available
1. Report
Question: When special journals are used:
A
all purchase transactions are recorded in the purchase journal.

B
all cash received, except from cash sales is recorded in the cash receipts journal.

C
all cash disbursements are recorded in the cash payments journal.

D
a general journal is not necessary.

Note: Not available
1. Report
Question: If a customer returns goods for credit, an entry is normally made in the:
A
cash payments journal.

B
sales journal.

C
general journal.

D
cash receipts journal

Note: Not available
1. Report
Question: Internal control is used in a business to enhance the accuracy and reliability of its accounting records and to:
A
safeguard its assets.

B
prevent fraud.

C
produce correct financial statements.

D
deter employee dishonesty.

Note: Not available
1. Report
Question: The principle of internal control do not include:
A
establishment of responsibility.

B
documentation procedures.

C
management responsibility.

D
independent internal verification.

Note: Not available
1. Report
Question: Physical controls do not include:
A
safes and vaults to store cash.

B
independent bank reconciliations.

C
locked warehouses for inventories.

D
bank safety deposit boxes for important parpers.

Note: Not available
1. Report
Question: The use of prenumbered checks in disbursing cash is an application of the principle of:
A
establishment of responsibility.

B
segregation of duties.

C
physical, mechanical and electronic controls.

D
documentation procedures.

Note: Not available
1. Report
Question: A check is written to replenish a $100 petty cash fund when the fund contains receipts of $94 and $3 in cash. In recording the check,
A
Cash over and short should be debited for $3.

B
Petty cash should be credited for $94.

C
Cash should be credited for $94.

D
Petty cash should be credited for $3.

Note: Not available
1. Report

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Question: Which of the following is incorrect concerning the posting of the cash receipts journal?

Question: Posting from the purchases journal to the subsidiary ledger are generally made:

Question: Which statement is incorrect regarding the general journal?

Question: When special journals are used:

Question: If a customer returns goods for credit, an entry is normally made in the:

Question: Internal control is used in a business to enhance the accuracy and reliability of its accounting records and to:

Question: The principle of internal control do not include:

Question: Physical controls do not include:

Question: The use of prenumbered checks in disbursing cash is an application of the principle of:

Question: A check is written to replenish a $100 petty cash fund when the fund contains receipts of $94 and $3 in cash. In recording the check,