Practice Test | Kullabs.com
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  • Which of the following statements is incorrect in the double entry accounting system maintained manually?

    A journal entry should be substantiated by appropriate voucher and authorized at proper level.
    A journal entry is needed only in the absence of other suitable book of prime entry for the transaction.
    A journal entry should always end with a narration explaining the need for it.
    A journal entry should always consist of a single debit entry matched by a corresponding credit entry.
  • If a company uses special journal, cash sales should be recorded in which journal?

    Cash receipts journal
    General journal
    Cash disbursements journal
    Sales journal
  • If a company uses special journals, credit sales should be recorded in which journal?

    Sales journal
    Cash receipts journal
    Cash disbursements journal
    Purchase journal
  • If a company uses special journal, purchase of supplies on the account should be recorded in which journal?

    Purchases journal
    Cash disbursements journal
    Sales journal
    Cash receipts journal
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