TRUE OR FALSE: It is possible to find invoices in one of the cash journals.*1 pointTrueFalseTRUE OR FALSE:  Every transaction that goes into a cash journal must impact the bank column.*1 pointTrueFalseTRUE OR FALSE: Source documents are completed after the journals have been drawn up.*1 pointTrueFalse

Step Two of the accounting cycle requires that we record transactions in a record called a journal.  True False

A general journal entry usually includes information about the date of a transaction, titles of affected accounts, dollar amount of each debit and credit and an explanation of the transaction.  True False

The total dollar value of all debits and credits recorded in a journal entry must be equal.  True False

Which statement is false? a. Accrual based accounting records transactions in the period in which the transaction occurs. b. Applying accrual accounting results in a more accurate measure of profit for the period than cash based accounting. c. GAAP requires financial reports be prepared using cash-based accounting. d. None, all statements are true.

A possible misstatement which can occur with regards to cash receipts, and which may not be discovered as part of the audit of the bank reconciliation, is the failure of customers being invoiced. Which assertion will be misstated with regards to sales of an entity, where this occurs?