Question

1. the source document used when supplies are bought on account is a memorandum.
2. every business uses the same journal to record transactions.
3. a transaction recorded in a journal is not considered a permanent record.
4. a journal page is complete when there is insufficient space to record any more entries.

Explanation:

These appear to be true - false questions related to accounting (a sub - field of Business). Let's analyze each:

Question 11

When supplies are bought on account, the source document is typically an invoice (not a memorandum in the context of a purchase on account for supplies). So this statement is false.

Different businesses may use different types of journals (e.g., special journals like sales journal, purchase journal, or a general journal) depending on their transaction volume and nature. So not every business uses the same journal to record transactions. This statement is false.

A journal is a permanent record of transactions. Once a transaction is recorded in a journal, it is part of the permanent accounting records. So the statement that a transaction recorded in a journal is not considered a permanent record is false.

Answer:

False

Question 12