Accounting 2 - Ch. 5 Review

Accounting 2 - Ch. 5 Review

10th - 12th Grade

•

34 Qs

quiz-placeholder

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Accounting 2 - Ch. 5 Review

Accounting 2 - Ch. 5 Review

Assessment

Quiz

•

Other

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10th - 12th Grade

•

Medium

Created by

Lexi Shafer

Used 3+ times

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34 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Goods that are given to a business to sell but for which title remains with the vendor.

stock ledger

inventory record

consignment

days' sales in inventory

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The person or business that received goods on consignment.

consignee

consignor

stock recorder

accountant

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The person or business that gives goods on consignment.

consignee

consignor

stock recorder

accountant

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A form used to show the type of merchandise, quantity received, quantity sold, and balance on hand.

stock ledger

inventory ledger

inventory record

stock record

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A file of stock records for all merchandise on hand.

stock ledger

stock record

inventory record

inventory ledger

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A form used during a physical inventory to record information about each item of merchandise on hand.

inventory record

inventory ledger

stock record

stock ledger

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The standards and rules that accountants follow while recording and reporting financial activities.

Generally Accepted Accounting Principles (GAAP)

Gross Profit Method

Retail Method

Inventory Method

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