FABM 2 - Unit Review No. 3

FABM 2 - Unit Review No. 3

12th Grade

15 Qs

quiz-placeholder

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FABM 2 - Unit Review No. 3

FABM 2 - Unit Review No. 3

Assessment

Quiz

Other

12th Grade

Practice Problem

Easy

Created by

Arzel Cinches

Used 55+ times

FREE Resource

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All sales, for cash or on credit, can be recorded in the general journal.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Reductions in the price of merchandise granted by the seller because of defects or other problems with the merchandise are called purchase returns & allowances.

TRUE

FALSE

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Purchase Discount and Purchase Returns and Allowances are contra-sales account.

TRUE

FALSE

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Cash discounts are offered to encourage prompt payment by customers who buy on account.

TRUE

FALSE

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

2, 1/10, n/30

The 2 in the term above is an example of a cash discount.

TRUE

FALSE

6.

OPEN ENDED QUESTION

3 mins • 1 pt

2/10 EOM, N/60

What do you mean by this term?

Evaluate responses using AI:

OFF

Answer explanation

2% discount is given until the 10th day after the end of the month. For example: A purchase of merchandise on account on July 1 will still have a discount until August 10.

7.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Purchases is an account under

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