accounting

accounting

1st Grade

27 Qs

quiz-placeholder

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Assessment

Quiz

Other

1st Grade

Medium

Created by

Maroon Maccos

Used 1+ times

FREE Resource

27 questions

Show all answers

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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