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Accounting for Merchandising Operations Quiz (PART I)

Authored by SHIELA CAAB

Other

11th Grade

Used 15+ times

Accounting for Merchandising Operations Quiz (PART I)
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15 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the main revenue-producing activity in merchandising operations?

Service companies

Purchasing inventory

Sales revenue

Accounts receivable transactions

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What are the goods that a merchandising company sells to its customers called?

Non-current assets

Current assets

Merchandise inventory

Service inventory

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

In a sales transaction, when is the legal ownership of the goods transferred?

It remains with the buyer

From the buyer to the seller

It remains with the seller

From the seller to the buyer

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the term used to specify the payment terms on an invoice for sales made on account?

Sales allowance

Cash discount

Trade discount

Credit term

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the purpose of the account 'Sales Returns and Allowances'?

To record purchase discounts

To record cash discounts given to customers

To record merchandise returned from the customer

To record sales revenue

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What account title is used in the periodic system of inventory to record purchases?

Accounts Payable

Purchases

Sales Revenue

Merchandise Inventory

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the deadline for payment if the credit term is '2 over 10 n over 30'?

20 days

15 days

30 days

10 days

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