
Accounting Chapter 9
Authored by Tamra Davis
11th - 12th Grade
Used 56+ times

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57 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A corporation can own property, incur liabilities, and enter into contracts in its own name.
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A special journal used to record only purchases of merchandise on account is called a purchases journal.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A cash payments journal includes a special amount column for the cash account and the accounts payable account.
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The source document for most cash payments is the check issued.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A special journal entry is made to show the amount of a trade discount.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A reduction in the list price granted to customers is called a trade discount.
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The terms of sale 2/15, n/30 mean that 2% of the invoice amount may be deducted if paid within 15 days of the invoice date or the total invoice amount must be paid within 30 days.
True
False
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