
Accounting Chapter 10
Quiz
•
Specialty
•
9th - 12th Grade
•
Practice Problem
•
Medium
Nichole Shimunek
Used 9+ times
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16 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A batch report is a detailed report of cash sales during a specific period of time. (Page 295)
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Sales Tax Payable has a normal credit balance. (Page 286)
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Only the federal government can exempt from sales taxes some types of merchandise or sales to certain types of customers. (Page 286)
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Regardless of when payment is received, the revenue should be recorded when a sale is made, not on the date cash is received. (Page 284)
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The amount of sales tax collected is a liability of a business until paid to the government. (Page 286)
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The total of each general amount column of a cash receipts journal is posted to the corresponding general ledger account. (Page 302)
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The total amount of credit card and debit card sales transactions are recorded as a debit to cash, since the business will receive cash for the entire amount.
True
False
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