identifying accounting concepts and practices\nselect true or false for each of the following…

identifying accounting concepts and practices\nselect true or false for each of the following statements:\n1. information in a journal includes the debit and credit parts of each transaction recorded in one place. (p. 59)\n2. in double - entry accounting, each transaction affects at least three accounts. (p. 59)\n3. the objective evidence accounting concept requires that there be proof that a transaction did occur. (p. 59)\n4. examples of source documents include checks, sales invoices, receipts, and memorandums. (p. 59)\n5. the source document for all cash payments is a sales invoice. (p. 60)\n6. a memorandum is the source document used when items are paid in cash. (p. 61)\n7. a receipt is the source document for cash received from transactions other than sales. (p. 61)\n8. a calculator tape is the source document for daily sales. (p. 61)\n9. the source document used when supplies are bought on account is a check. (p. 66)\n10. the journal columns used to record buying supplies on account are general debit and cash credit. (p. 66)

identifying accounting concepts and practices\nselect true or false for each of the following statements:\n1. information in a journal includes the debit and credit parts of each transaction recorded in one place. (p. 59)\n2. in double - entry accounting, each transaction affects at least three accounts. (p. 59)\n3. the objective evidence accounting concept requires that there be proof that a transaction did occur. (p. 59)\n4. examples of source documents include checks, sales invoices, receipts, and memorandums. (p. 59)\n5. the source document for all cash payments is a sales invoice. (p. 60)\n6. a memorandum is the source document used when items are paid in cash. (p. 61)\n7. a receipt is the source document for cash received from transactions other than sales. (p. 61)\n8. a calculator tape is the source document for daily sales. (p. 61)\n9. the source document used when supplies are bought on account is a check. (p. 66)\n10. the journal columns used to record buying supplies on account are general debit and cash credit. (p. 66)

Answer

Answer:

  1. True
  2. False
  3. True
  4. True
  5. False
  6. False
  7. True
  8. False
  9. False
  10. False