NEW
Font size
S
M
L
XL
WorksheetsAccounting 1 - Ch. 9 Review
Total questions: 17
Worksheet time: 6mins
Name
Class
Date
1.
An organization with the legal rights of a person and which may be owned by many persons.
a)
corporation
b)
sole proprietorship
c)
partnership
d)
stock
2.
Total shares of ownership in a corporation.
a)
capital stock
b)
debit memorandum
c)
share of stock
d)
purchase invoice
3.
A deduction that a vendor allows on the invoice amount to encourage prompt payment.
a)
cash discount
b)
purchases return
c)
debit memorandum
4.
A journal used to record only one kind of transaction.
a)
special journal
b)
general journal
c)
debit memorandum
d)
capital stock
5.
Each unit of ownership in a corporation.
a)
share of stock
b)
debit memorandum
c)
special journal
d)
purchase invoice
6.
A merchandising business that sells to those who use or consume the goods.
a)
retail merchandising business
b)
corporation
c)
capital stock
d)
debit memorandum
7.
An invoice used as a source document for recording a purchase on account transaction.
a)
purchase invoice
b)
special journal
c)
debit memorandum
d)
capital stock
8.
The purchases account is classified as
a)
an expense account.
b)
an asset account.
c)
a liability account.
d)
a cost account.
9.
The source document for a cash purchase is
a)
a memorandum.
b)
an invoice.
c)
a receipt.
d)
a check.
10.
Supplies bought for use in a business are recorded in the
a)
supplies expense account.
b)
purchases account.
c)
supplies account.
d)
cash account.
11.
Since contra accounts are offsets to their related accounts, their normal balances are
a)
debits
b)
credits
c)
opposite the normal balance of their related accounts.
d)
the same as the normal balance of their related accounts.
12.
Terms of sale of 1/10, n/30 mean the customer may deduct 1% of the bill if paid within 30 days.
a)
True
b)
False
13.
If actual petty cash on hand is $53, but records show $55 should be on hand, petty cash is over.
a)
True
b)
False
14.
The purchases account is increased by a credit and decreased by a debit.
a)
True
b)
False
15.
Purchase Discount is increased by a credit entry.
a)
True
b)
False
16.
A purchase of merchandise for cash would be posted
a)
individually to Purchases and individually to Accounts Payable.
b)
individually to Purchases.
c)
as part of a column total to Purchases.
d)
as part of column totals to Purchases and Accounts Payable.
17.
A periodic inventory conducted by counting, weighing, or measuring items of merchandise on hand is called a(n)
a)
perpetual inventory.
b)
inventory certification.
c)
audit verification.
d)
physical inventory.
Reset
