The total of the Schedule of Accounts Payable must be the same as the
Detailed Answer
Correct answer: (C)
balance of the Account Payable account
5
Many large companies have saved millions of dollars by using specialized, sometimes custom written, software to increase speed and efficiency of their extended operations. This software is called
Which of the following statements is false with regard to a Cash Receipts Journal?
Detailed Answer
Correct answer: (B)
Receipts of cash from the owner should not be recorded in it
7
The process of verifying that total debits equal total credits in a columnar journal is called:
Detailed Answer
Correct answer: (A)
cross footing
8
When special journals are used, a General Journal is
Detailed Answer
Correct answer: (A)
still required
9
Supplies were purchased on credit and the entry was recorded in the Purchases Journal. When a part of this supply purchase is returned to the vendor, the entry to record the return will be in the general journal. What will be the journal entry for this return?
Detailed Answer
Correct answer: (C)
debit Accounts Payable and credit Supplies
10
Which of the following is a combination of other sales taxes in the Atlantic Provinces?