Unit 3 True/False Flashcards
1
Q
Information in a journal includes the debit and credit parts of each transaction recorded in one place
A
True
2
Q
The Objective Evidence accounting concept requires that there be proof that a transaction did occur
A
True
3
Q
Examples of source documents include checks, sales invoices, receipts, and memorandums
A
True
4
Q
A memorandum is the source document used when items are paid in cash
A
False
5
Q
A receipt is the source document for cash received from transactions other than sales
A
True
6
Q
A calculator tape if the source document for daily cash sales
A
True
7
Q
The source document used when supplies bought on account are paid for is a receipt
A
False
8
Q
When services are sold on account, an asset account and liability account are affected
A
False
