
accounting
Quiz
•
Other
•
1st Grade
•
Practice Problem
•
Medium
Maroon Maccos
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27 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The trade discount of less 10% - 5% means that the customer can have 15% discount on its purchases.
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Collection of the maturity value of a note will increase both total assets and owner’s equity.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The balance of the Sales Returns and Allowances account is subtracted from the balance of the Accounts Receivable account in the Assets section of the Statement of Financial Position.
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An equal Trial Balance is a proof that no errors are recorded.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When transactions are entered in a general journal, the asset accounts are listed first, followed by the liability and owner's equity accounts.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Offering sales discounts on credit sales can benefit a seller by decreasing the delay in receiving cash and reducing future collections efforts.
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Freight In and Purchases Returns and Allowances are deducted from Purchases to determine the cost of goods sold.
True
False
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