Accounting Chapter 7 Review

Accounting Chapter 7 Review

12th Grade

29 Qs

quiz-placeholder

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Accounting Chapter 7 Review

Accounting Chapter 7 Review

Assessment

Quiz

Business

12th Grade

Practice Problem

Medium

Created by

Deborah Ferries

Used 1+ times

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29 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A merchandising business is a business that earns its revenue by buying goods and then reselling these goods to customers.

True
False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A purchase requisition is shipped with the goods from the seller to the buyer.

True
False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A cash discount is a discount offered to encourage prompt and early payment by a buyer.

True
False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A cash discount of 2/10,n/30 indicates that the buyer may deduct 10% of the invoice price if payment is made within two days.

True
False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The purchases journal is used to record only credit purchases of merchandise.

True
False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

After all postings have been made, the sum of the balances of the creditors’ accounts in the accounts payable ledger should equal the balance of the Accounts Payable account in the general ledger.

True
False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Purchases Returns and Allowances account is contra to the Purchases account.

True
False

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