Adv. Accounting - Chapter 2 True, False

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Author:
kaylacody17
ID:
170140
Filename:
Adv. Accounting - Chapter 2 True, False
Updated:
2012-09-10 22:33:57
Tags:
accounting
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  1. records of departmental operating expenses are necessary to determine departmental gross profit from operations
    false
  2. in a departmental business, each sales invoice shows the amount of merchandise sold by a department
    true
  3. preparing two copies of a sales invoice provides a copy for the customer and a copy for the business to use for journalizing the transaction
    true
  4. each departmental sales journal entry is posted individually as a credit to the appropraite customer's account
    false
  5. after posting a line of departmetal sales journal, the customer number is recorded in the journal's post ref column
    true
  6. an account showing deductions from a sales account is known as a contra cost account
    false
  7. the vendor prepares a debit memorandum for a sales returns and allowances transaction
    false
  8. a cash discount on sales is called a sales discount
    true
  9. a departmental cash receipts journal contains a cash debit column for each department
    false
  10. both the debit part and the credit part of a cash or credit card sales transaction are entered in special amount columns in a departmental cash receipts journal
    true
  11. each amount in the accounts receibale credit column of a departmental cash receipts journal is posted individually to the accounts receivable ledger
    true
  12. each amount in the sales credit columns of a departmental cash receipts journal is posted often to the appropraite account in the general ledger
    false
  13. each amount in the cash debit column of a departmental cash receipts jourdan is posted individually to the debit side of the cash account
    false
  14. the total of the sales credit column of a departmental cash receipts journal is posted to a general ledger account
    true
  15. after the totals of special amount columns have been posted, the general ledger acount numbers are written in parentheses below the special columns in the cash receipts journal
    true

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