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Accounting 1: Section 3.1 Quiz
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1. A form for recording transactions in chronological order is called a ledger. *
10 points
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2. The Objective Evidence accounting concept is applied when a source document is prepared for each transaction. *
10 points
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3. The source document for cash payments is a receipt. *
10 points
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4. Memorandum is another term for sales invoice *
10 points
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5. A journal entry consists of the date, debit, credit, and source document *
10 points
Required
6. The recording of debit and credit parts of a transaction is called double entry transactions. *
10 points
Required
7. A source document is a business paper which is referenced in a journal entry. *
10 points
Required
8. Within a journal, transactions are ordered in chronological order. *
10 points
Required
9. Source doucments are helpful but not required. *
10 points
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10. The 4 parts of a journal entry are: date, debit, credit, and reference of a source document *
10 points
Required
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