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This document contains a series of true/false statements about basic accounting concepts and procedures. Specifically, it addresses entering transaction dates and amounts in journals, debit/credit columns, chronological ordering, general journal posting, double-entry bookkeeping, compound journal entries, and post references.
Activity
- 1. 10 20 9 18 8 16 7 14 12 6 10 5 8 4 6 3 2 4 1 2
- 2. The date on which the transactions have taken place is entered in the date column. True False
- 3. The amount to be credited is entered in the debit column. True False
- 4. All entries must be chronologically arrange. True False
- 5. The amount to be debited is entered in the debit column True False
- 6. Posting is the process of entering a transaction in a general journal. True False
- 7. An entries are always entered into the debit column. True False
- 8. A financial data taken usually from a journal voucher. True False
- 9. Journalizing is the recording of transactions using the double- entry system. True False
- 10. A compound journal entry is an accounting entry which effects more than two account heads. True False
- 11. Post reference helps accountants track the origin of a transaction when the books are out of balance. True False