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WorksheetsAccounting 1 - Ch. 10 Review
Total questions: 17
Worksheet time: 6mins
Name
Class
Date
1.
A special journal used to record only cash receipt transactions.
a)
cash receipts journal
b)
sales journal
c)
general journal
d)
ledger
2.
A computer used to collect, store, and report all the information of a sales transaction.
a)
point-of-sale terminal
b)
sales journal
c)
sales allowance
d)
sales discount
3.
A cash discount on sales taken by a customer.
a)
sales discount
b)
sales allowance
c)
credit memorandum
d)
batch report
4.
A special journal used to record only sales of merchandise on account.
a)
sales journal
b)
cash receipts journal
c)
general journal
d)
sales allowance
5.
The report that summarizes the cash and credit card sales of a point-of-sale terminal.
a)
terminal summary
b)
cash receipts journal
c)
sales journal
d)
credit memorandum
6.
The process of preparing a batch report of credit card sales from a point-of-sale terminal.
a)
batching out
b)
credit memorandum
c)
sales journal
d)
cash receipts journal
7.
Using a terminal summary as a source document for cash and credit card sales is the concept
a)
Matching Expenses with Revenue
b)
Objective Evidence
c)
Realization of Revenue
d)
Business Entity
8.
Sales invoices should be
a)
numbered in sequence.
b)
prepared in duplicate.
c)
used as source documents for sales on account.
d)
the other three are all correct.
9.
When merchandise is sold on account and sales tax is also collected,
a)
Accounts Receivable is credited for the total sale and tax.
b)
the Accounts Receivable account balance is increased.
c)
Sales is debited for the price of the goods.
d)
the sales tax is not reported.
10.
For a sale on account of $1,000 with sales tax of $80, Accounts Receivable would be debited
a)
$1,080
b)
$1,000
c)
$920
d)
$80
11.
Sales discounts are recorded in a
a)
sales journal.
b)
cash receipts journal.
c)
general journal.
d)
batch report.
12.
The amount of sales tax on a sale is calculated as the price of goods
a)
plus the sales tax rate.
b)
times the sales tax rate.
c)
minus the sales tax rate.
d)
divided by the sales tax rate.
13.
Credit terms of 2/10, n/30 mean that if the account is paid in
a)
2 days, a 10% discount will be allowed.
b)
10 days, a 2% discount will be allowed.
c)
10 days, a 30% discount will be allowed.
d)
30 days, a 2% discount will be allowed.
14.
Recording revenue from transactions at the time goods or services are sold is the concept
a)
Matching Expenses with Revenue.
b)
Objective Evidence.
c)
Realization of Revenue.
d)
Business Entity.
15.
Sales for cash and credit cards are recorded as a single cash sales transaction.
a)
True
b)
False
16.
Regardless of when merchandise is sold, revenue should be recorded when cash is received.
a)
True
b)
False
17.
All sales of merchandise are recorded in a sales journal.
a)
True
b)
False
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