accounting true or false

Question 1

the principle of objectivity requires that there be evidence to support the value used in every transaction

Answer 1

true

Question 2

a journal is an accounting form that requires that there be objective evidence to support the value used in every transaction

Answer 2

false

Question 3

the date the debit account and amount the credit amount and amount and an explanation of the transaction are recorded in the journal

Answer 3

true

Question 4

the account name used in a journal entry should be written as it appears in the ledger

Answer 4

true

Question 5

the journal illustrates the principle of objectivity

Answer 5

false

Question 6

a sales invoice is the bill completed by the seller and given to the buyer as a record of a credit sale

Answer 6

true

Question 7

the explanation of a transaction in the journal includes the name and number of the source document

Answer 7

true

Question 8

to distinguish the credit entry visually from the debit entry, the credit entry is indented

Answer 8

true

Question 9

the journal records transactions in order of their importance

Answer 9

false

Question 10

the use of a journal reduces records

Answer 10

true

Question 11

a case sales slip is prepared for all cash sales made by a business

Answer 11

true

Question 12

a purchase invoice is the bill recieved by the buyer giving the details of a purchase on account

Answer 12

true

Question 13

numbered source documents need not to be kept on file

Answer 13

false