General and Subsidiary Ledgers Assignment

QUESTION 14

1. Petty Cash is a large amount of cash kept on hand for in-house expenditures.

   True

   False

2 points

QUESTION 15

1. In replenishing the Petty Cash account Petty Cash is debited.

   True

   False

2 points

QUESTION 16

1. The Purchase Journal is used to handle all purchases of merchandise.

   True

   False

2 points

QUESTION 17

1. General Ledger and the Subsidiary Ledgers is co-equal.

   True

   False

2 points

QUESTION 18

1. The Cash Receipts Journal is used to record incoming cash for merchandise related transactions only.

   True

   False

2 points

QUESTION 19

1. The General Ledger Accounts Receivable and Accounts Payable accounts are contolling accounts.

   True

   False

2 points

QUESTION 20

1. In posting from the columnar (special) journals, the columnar totals are posted to the subsidiary ledgers.

   True

   False.