FABM 2 - Unit Review No. 3
Quiz
•
Other
•
12th Grade
•
Easy
Arzel Cinches
Used 55+ times
FREE Resource
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
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