The Asset of Stock
Authored by Dean Hoss
Social Studies, Business, Other
9th Grade - Professional Development
Used 427+ times
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7 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
In accounting, the term 'purchases' means . . .
all items bought.
only goods bought on credit.
only those goods bought for resale.
only goods bought and paid for.
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
A newsagent's total sales includes the value of . . .
any office furniture sold by him.
office furniture sold by him, only if sold on credit.
office furniture sold by him, only if sold for cash.
None of the above.
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following double-entries is the correct way to record the sale of goods, on credit, to R. Webb ?
Account to Debit - R. Webb
Account to Credit - Sales
Account to Debit - Returns inwards
Account to Credit - R. Webb
Account to Debit - Cash
Account to Credit - Purchases
Account to Debit - R. Webb
Account to Credit - Returns inwards
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In the accounts of K. Bryan, which of the following double-entries is the correct way to record goods returned by S. James, a credit customer ?
Account to Debit - Sales
Account to Credit - K. Bryan
Account to Debit - Returns inwards
Account to Credit - K. Bryan
Account to Debit - Sales
Account to Credit - S. James
Account to Debit - S. James
Account to Credit - Returns inwards
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In the accounts of S. James, which of the following double-entries is the correct way to record goods returned by K. Bryan, a credit customer ?
Account to Debit - Sales
Account to Credit - K. Bryan
Account to Debit - Returns inwards
Account to Credit - K. Bryan
Account to Debit - Sales
Account to Credit - S. James
Account to Debit - S. James
Account to Credit - Returns inwards
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In the accounts of W. Balfe, which of the following double-entries is the correct way to record goods purchased from D. Connolly and paid for immediately in cash ?
Account to Debit - Sales
Account to Credit - W. Balfe
Account to Debit - Returns inwards
Account to Credit - A.O'Dea
Account to Debit - Purchases
Account to Credit - Cash
Account to Debit - D. Connolly
Account to Credit - Returns inwards
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following double-entries is the correct way to record goods returned to A. Miller, a supplier ?
Account to Debit - Sales
Account to Credit - A. Miller
Account to Debit - Returns inwards
Account to Credit - A. Miller
Account to Debit - Cash
Account to Credit - Purchases
Account to Debit - A. Miller
Account to Credit - Returns outwards
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