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The book of first record is called the journal.

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True

False

Question 2

In a computerized accounting system, you should post the transactions directly into the general ledger accounts.

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True

False

Question 3

An accounting transaction impacts at least two accounts.

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True

False

Question 4

A journal entry includes the date, memo, debit, and credit.

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True

False

Question 5

A journal entry will have a date, debit, credit, and memo to explain the transaction.

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True

False

Question 6

It is important to use the journal to have a date and chronological record for all journal entries.

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True

False

Question 7

Revenue is recorded as a debit entry.

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True

False

Question 8

When the debit side total is same as the credit total, a journal entry is balanced.

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True

False

Question 9

Assets and expenses are credit accounts.

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True

False

Question 10

Liabilities would be increased with a debit entry.

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True

False

Question 11

To increase cash, the journal entry would record a credit entry.

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True

False

Question 12

To increase revenue, the journal entry would be a debit.

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True

False

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