Accounting Chapter 11

Accounting Chapter 11

9th - 12th Grade

27 Qs

quiz-placeholder

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Accounting Chapter 11

Accounting Chapter 11

Assessment

Quiz

Other

9th - 12th Grade

Hard

Created by

Tracy Greene

Used 2+ times

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27 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Dividends can be distributed to stockholders only by formal action of a corporation’s board of directors.

true
false

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Credit allowed for part of the purchase price of merchandise that is not returned does not change the balance of the customer’s accounts payable.

true
false

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A sales return that credits the customer’s account is recorded in the general journal.

true
false

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Net income increases a corporation’s total stockholders’ equity.

true
false

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A completed general journal page should always be reviewed to be sure that all postings have been made.

true
false

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The normal account balance of Purchases Returns and Allowances is a debit.

true
false

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An entry in the general journal that affects Accounts Payable also affects a vendor’s account in the accounts payable ledger.

true
false

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