Accounting Chapter 9

Accounting Chapter 9

11th - 12th Grade

21 Qs

quiz-placeholder

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Accounting Chapter 9

Accounting Chapter 9

Assessment

Quiz

Business

11th - 12th Grade

Medium

Created by

Todd Williams

Used 3+ times

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21 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A corporation can incur liabilities but cannot own property

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Unlike a proprietorship, a corporation exists independent of its owners

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The total of accounts in the accounts payable ledger equals the balance of the controlling account, Accounts Payable.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

When a perpetual inventory system is used, purchases of merchandise are accounted for directly to Merchandise Inventory.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

When a periodic inventory system is used, the cost of merchandise is recorded to Purchases.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The income statement of a merchandising business places Purchases in a section titled Cost of Goods Sold, separate from other expenses.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

When journalizing a cash payment for advertising, the vendor's name is written in the Account Title column of the cash payments journal.

True

False

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