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Accounting Quiz

Authored by Megan Mcclelland

Other

8th Grade

Used 4+ times

Accounting Quiz
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28 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sales tax collected by a business represents a liability until they are paid.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Cash discounts are offered by a business to encourage customers to pay promptly.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The revenue account for a merchandising business is usually called Sales.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The increase side of the account Sales Discounts is a credit.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Sales Returns and Allowances account is important to a business because it shows the amount of credit granted to dissatisfied customers.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The balance side of any contra account is always on the same side of the balance side of the account it decreases.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Purchases account is increased by debits.

True

False

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