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WorksheetsAccounting 1 - Ch. 11 Review
Total questions: 16
Worksheet time: 6mins
Name
Class
Date
1.
A return of merchandise to the vendor results in a
a)
debit to purchases.
b)
credit to Purchases Returns and Allowances
c)
credit to Purchases
d)
debit to Purchases Returns and Allowances
2.
The purchase of supplies on account results in a
a)
credit to just Accounts Payable
b)
credit to Acct Payable and the vendors acct payable.
c)
debit to Accounts Payable
d)
debit to Acct Pay and the vendor's acct payable account.
3.
A credit granted to a customer for merchandise that's damaged and not sold at the normal price.
a)
sales return
b)
purchases allowance
c)
sales allowance
d)
none of the other choices
4.
A correction of a transaction posted to the wrong customer account results in
a)
a credit to Accounts Payable
b)
a debit and credit to Accounts Payable
c)
a debit to Accounts Payable
d)
none of the other choices
5.
The amount of a dividend is normally calculated as
a)
number of shares outstanding x a percentage dividend rate.
b)
a percentage of the balance in Common Stock.
c)
number of shares outstanding x a dollar amount per share
d)
the balance of retained earnings.
6.
At the end of the fiscal period, the balance of Dividends is closed to
a)
Retained Earnings
b)
Income Summary
c)
Dividends Payable
d)
none of the other choices
7.
Which of the following stockholder's equity accounts has a normal debit balance?
a)
Capital Stock
b)
Dividends
c)
Paid-in Capital in Excess of Par
d)
ncome Summary
8.
Dividends is a temporary account of a corporation similar to which proprietorship account?
a)
Equity
b)
Contributed Capital
c)
Drawing
d)
none of the other choices
9.
Net income increases a corporation's total stockholder's equity.
a)
True
b)
False
10.
An entry in the general journal that affects Acct Pay also affects a vendor's account.
a)
True
b)
False
11.
Most corporations pay dividends by writing checks on the day after dividends are declared.
a)
True
b)
False
12.
A corporation’s Dividends account is a temporary account.
a)
True
b)
False
13.
A corporation can decide if and when to declare a dividend.
a)
True
b)
False
14.
A credit memorandum prepared by a customer results in the customer recording a debit to the vendor account.
a)
True
b)
False
15.
Dividends can be distributed to stockholders only by formal action of a corporation’s board of directors.
a)
True
b)
False
16.
In a computerized accounting system, transactions recorded on a general journal are posted at the end of the month.
a)
True
b)
False
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