Accounting Final

Accounting Final

12th Grade

22 Qs

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Accounting Final

Accounting Final

Assessment

Quiz

Other

12th Grade

Practice Problem

Medium

Created by

Duke Wilson

Used 4+ times

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22 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The purchases account has a _____.

Normal debit balance

Normal credit balance

Normal balance that varies depending on the transaction

Normal negative balance

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Purchases Discount account _____.

Increases the amount of purchases

Decreases the amount of purchases

Increases the expenses of the company

Decreases the cash flow

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If merchandise is purchased for $1,000 on August 1, with terms of sale of 2/10, n/30, the amount due to the vendor on August 9 is _____.

$1,000

$990

$980

$20

4.

OPEN ENDED QUESTION

3 mins • 1 pt

If a company pays $50 for advertising, the amount $50 is recorded in the General Debit column of the Cash Payments Journal. In addition, the account title “Advertising Expense” must be written in as the account title. Why is it necessary to write the account title when entering an amount in the General Debit column?

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5.

OPEN ENDED QUESTION

3 mins • 1 pt

How does technology (the automated accounting software we used in class) make journalizing and posting of purchases and cash payments easier, more efficient, and more accurate?

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6.

OPEN ENDED QUESTION

3 mins • 1 pt

The Sales Returns & Allowances account is used for both sales returns and sales allowances. What is the difference between a return and an allowance?

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7.

OPEN ENDED QUESTION

3 mins • 1 pt

Hobby Shack is a local retail merchandising business that charges and collects sales tax from its customers. Why is the sales tax collected considered a liability?

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