Answer the following statements true (T) or false (F)
1. The cash payments journal is a special journal used to record cash payments by currency but not by check.
2. The cash payments journal has two debit columns - one for Accounts Payable and one for Merchandise Inventory.
3. After posting from the cash payments journal, the posting reference is printed in the general journal.
4. The cash disbursements journal is also called the check register.
5. Entries in the cash payments journal are posted daily to the accounts payable subsidiary ledger and monthly to the general ledger.
1. FALSE
2. FALSE
3. FALSE
4. TRUE
5. TRUE
You might also like to view...
Two methods of allocating joint costs to products are physical measure allocation and monetary allocation
Indicate whether the statement is true or false
Which of the following stages of team development is often NOT achieved, even in long-term teams?
a. storming b. performing c. norming d. brainstorming
Lean practices will change the material requirements planning process by:
A) eliminating the need for MRP. B) making the bill of material more complex. C) increasing the need for offsetting. D) reducing the number of levels in the bill of material. E) increasing the need for netting.
Which of the following statements about creative strategy and its execution is true?
A. A good creative strategy never fails in reviving a declining brand. B. Ads that are highly creative may not increase sales of a brand. C. A good creative strategy and execution guarantees a brand will exceed its sales objectives. D. Good creative strategy cannot help a struggling brand regain its former prominence. E. Companies have no trouble coming up with creative advertising that differentiates their brands from the competition.