
Unit 32-Practice Quiz
Quiz
•
Business
•
University
•
Practice Problem
•
Hard
Kulsoom Lateef
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33 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following is a term used when a credit sale is returned by the customer?
credit limit
sales allowance
sales return
invoice
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following terms defines when a customer buys a good or service on credit and agrees to pay at a later date?
Subsidiary ledger
operating activities
Accounts receivable
Direct write- off approach
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following transactions would take place in the journal when a customer buys a good or service on credit?
Sales account is debited; cash account is credited
Accounts receivable account is debited; cash account is credited
Accounts receivable account is debited; sales return account is credited
Accounts receivable account is debited; sales account is credited
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following terms describes a financial statement which shows how the balance sheet and income statement changes affect the flow of cash?
Income statement
Invoice statement
Balance Statement
Cash Flow Statement
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following is a report which lists all amounts owed by customers?
Schedule of accounts payable
Schedule of accounts receivable
Schedule of allowances
Schedule of bad debts
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following is a balance sheet account which reduces the reported amount of accounts receivable?
Allowance for doubtful accounts
Allowance for tax credits
Schedule of bad debts
Schedule of accounts receivable
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following transactions would take place when an account becomes uncollectible and is written off under the allowance method?
Bad debts account is debited; accounts receivable is credited
Accounts receivable account is debited; sales return account is credited
Accounts receivable account is debited; an allowance for doubtful accounts is credited
Allowance of doubtful accounts is debited; accounts receivable is credited
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