
Accounting Spring Final Exam REVIEW
Authored by Katelyn Robertson
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10th Grade
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30 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec ⢠1 pt
The purchases account is increased by a credit and decreased by a debit.
2.
MULTIPLE CHOICE QUESTION
30 sec ⢠1 pt
Purchases Discount is increased by a credit entry.
3.
MULTIPLE CHOICE QUESTION
30 sec ⢠1 pt
Purchases Returns and Allowances is a contra account to Cost of Merchandise.
4.
MULTIPLE CHOICE QUESTION
30 sec ⢠1 pt
The amount of sales tax collected is an asset of the business until paid to the state government.
5.
MULTIPLE CHOICE QUESTION
30 sec ⢠1 pt
A terminal summary reports total cash and credit card sales of a point-of-sale terminal.
6.
MULTIPLE CHOICE QUESTION
30 sec ⢠1 pt
Regardless of when merchandise is sold, revenue should be recorded when cash is received.
7.
MULTIPLE CHOICE QUESTION
30 sec ⢠1 pt
Total earnings are sometimes referred to as net pay or net earnings.
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