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Chapter 9 Accounting 10e

Authored by Chanda Eager

Business

9th - 12th Grade

Used 9+ times

Chapter 9 Accounting 10e
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12 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The normal balance for a Purchase Returns and Allowances is a credit.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A journal is proved and ruled only at the end of the fiscal period.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To begin a new journal page, the totals from the previous journal page are carried forward to the next journal page.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The cost account purchases issued only to record the value of merchandise purchased.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Recording entries in a journal with special amount columns saves time.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All purchase transactions, including purchases made on account and purchases made with cash are recorded in the purchases journal.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A purchase on account transaction increases the amount owed to a vendor.

True

False

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