
Accounting Final
Quiz
•
Other
•
12th Grade
•
Practice Problem
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Medium
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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