Chapter 11 Test Review
Quiz
•
Business
•
12th Grade
•
Practice Problem
•
Medium
SHERRY CLEARY
Used 2+ times
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32 questions
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1.
MATCH QUESTION
30 sec • 1 pt
Match the following accounting terms with their definitions:
Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's account payable to the vendor.
Retained Earnings
A form prepared by the vendor showing the amount deducted for returns and allowances.
Board of Directors
A group of persons elected by the stockholders to govern a corporation.
Credit Memorandum
An amount earned by a corporation and not yet distributed to stockholders.
Purchase Return
Credit allowed to a customer for the sales price of returned merchandise, resulting in a decrease in the accounts receivable of the merchandising business.
Sales Return
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a computerized accounting system, transactions recorded on a general journal are posted at the end of the month.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A completed general journal page should always be reviewed to be sure that all postings have been made.
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A sales return that credits the customer's account is recorded in the general journal.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Credit allowed for part of the purchase price of merchandise that is not returned does not change the balance of the customer's accounts payable.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A corporation’s Dividends account is a temporary account.
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The normal account balance of Purchases Returns and Allowances is a debit.
True
False
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