Accounting Chapters 9/10

Accounting Chapters 9/10

9th - 12th Grade

35 Qs

quiz-placeholder

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Accounting Chapters 9/10

Accounting Chapters 9/10

Assessment

Quiz

Specialty

9th - 12th Grade

Practice Problem

Medium

Created by

Tina Gummo

Used 120+ times

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35 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A transaction to record merchandise purchased with a trade discount would include a debit to Merchandise Discount.

True
False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The petty cash account Cash Short and Over is a temporary account.

True
False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

 A corporation can own property, incur liabilities, and enter into contracts in its own name.

True
False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

 A corporation exists independent of its owners.

True
False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The terms of sale 1/10, n/30 means that 1/10 or 10% of the invoice amount may be deducted if paid within 30 days.

True
False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The total of accounts in the accounts payable subsidiary ledger equals the balance of the controlling account, Accounts Payable.

True
False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The contra account Purchases Discount has a normal debit balance.

True
False

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