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WorksheetsAccounting Chapter 9-2 Terms
Total questions: 16
Worksheet time: 8mins
Name
Class
Date
1.
The amount a business pays for goods it purchases to sell is called
a)
perpetual inventory
b)
cost of merchandise
c)
merchandise sold
d)
stock cost
2.
An inventory determined by keeping a continuous record of increases, decreases, and the balance on hand
a)
merchandise
b)
periodic inventory
c)
capital
d)
perpetual inventory
3.
A merchandise inventory evaluated at the end of a fiscal period is called
a)
perpetual inventory
b)
capital
c)
periodic inventory
d)
merchandise
4.
When a periodic inventory is conducted by counting, weighing, or measuring items of merchandise on hand.
a)
perpetual inventory
b)
physical inventory
c)
capital
d)
stock
5.
A form requesting the purchase of merchandise is called
a)
requisition
b)
purchase order
c)
purchase invoice
d)
stock card
6.
A form requesting that a vendor sell merchandise to a business is called
a)
purchase order
b)
purchase invoice
c)
articles of incorporation
d)
stock purchase
7.
A journal used to record only one kind of transaction is called
a)
general journal
b)
general ledger
c)
special journal
d)
accounts payable journal
8.
A transaction in which the items purchased are to be paid for later is called
a)
special purchase
b)
purchase on account
c)
cash purchase
d)
accounts receivable purchase
9.
A special journal used to record only purchases of merchandise on account.
a)
special journal
b)
purchases journal
c)
cash payments journal
d)
general journal
10.
A journal amount column headed with an account title is called
a)
purchases column
b)
special amount column
c)
cash column
d)
general column
11.
An invoice used as a source document for recording a purchase on account transaction is called
a)
purchase order
b)
sales invoice
c)
purchase invoice
d)
accounts payable invoice
12.
An agreement between a buyer and a seller about payment for merchandise is called
a)
Due date
b)
Terms of sale
c)
purchase order
d)
time of purchase
13.
The date by which an invoice must be paid is called
a)
purchase date
b)
cash payment
c)
due date
d)
term of sale
14.
A list of assets, usually containing the value of individual items, is called
a)
inventory
b)
stock
c)
purchases
d)
merchandise
15.
The goods a business has on hand for sale to customers is called
a)
stock
b)
merchandise inventory
c)
purchases
d)
capital
16.
The goods a business has on hand for sale to customers is called
a)
stock
b)
merchandise inventory
c)
purchases
d)
capital
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