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Accounting Chapter 10

Authored by Tamra Davis

11th - 12th Grade

Used 27+ times

Accounting Chapter 10
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45 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Purchases and sales of merchandise are the two major activities of a merchandising business.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sales tax rates are usually stated as a percentage of sales.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Very few states in the United States require collecting a tax on sales of merchandise to customers.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Every business collecting a sales tax needs accurate records of the amount of total sales and total sales tax collected.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Businesses must file reports with the proper government unit and pay the amount of sales tax collected.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The amount of sales tax collected is an asset of the business until paid to the state government.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The amount of sales tax collected is recorded in a separate liability account titled Sales Tax Payable.

True

False

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