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WorksheetsAccounting Chapters 9/10
Total questions: 35
Worksheet time: 25mins
Name
Class
Date
1.
A transaction to record merchandise purchased with a trade discount would include a debit to Merchandise Discount.
a)
True
b)
False
2.
The petty cash account Cash Short and Over is a temporary account.
a)
True
b)
False
3.
A corporation can own property, incur liabilities, and enter into contracts in its own name.
a)
True
b)
False
4.
A corporation exists independent of its owners.
a)
True
b)
False
5.
The terms of sale 1/10, n/30 means that 1/10 or 10% of the invoice amount may be deducted if paid within 30 days.
a)
True
b)
False
6.
The total of accounts in the accounts payable subsidiary ledger equals the balance of the controlling account, Accounts Payable.
a)
True
b)
False
7.
The contra account Purchases Discount has a normal debit balance.
a)
True
b)
False
8.
A merchandising business places Purchases in the Operating Expenses section of the income statement.
a)
True
b)
False
9.
The periodic inventory method does not require records of the quantity and cost of individual goods.
a)
True
b)
False
10.
The total of a schedule of accounts payable less purchases discounts taken during the month will equal the total of Accounts Payable.
a)
True
b)
False
11.
A batch report is a detailed report of cash sales during a specific period of time.
a)
True
b)
False
12.
Sales Tax Payable has a normal credit balance.
a)
True
b)
False
13.
Only the federal government can exempt from sales taxes some types of merchandise or sales to certain types of customers.
a)
True
b)
False
14.
Regardless of when payment is received, the revenue should be recorded when a sale is made, not on the date cash is received.
a)
True
b)
False
15.
The amount of sales tax is a liability of a business until paid to the government.
a)
True
b)
False
16.
The total of each general amount column of a cash receipts journal is posted to the corresponding general ledger account.
a)
True
b)
False
17.
The total amount of credit card and debit card sales transactions are recorded as a debit to cash, since the business will receive cash for the entire amount.
a)
True
b)
False
18.
A terminal summary is also known as a Z tape.
a)
True
b)
False
19.
Separate transactions are recorded for cash, credit card, and debit card totals listed on a terminal summary.
a)
True
b)
False
20.
The balance of Accounts Receivable should equal the total of the schedule of accounts receivable.
a)
True
b)
False
21.
A specialized computer used to collect, store, and report all the information about a sales transaction.
a)
POS Terminal
b)
Terminal Summary
c)
Batch Report
d)
Batching Out
22.
A listing of customer accounts, account balances, and total amount due from all customers.
a)
Schedule of Accounts Payable
b)
Schedule of Accounts Receivable
c)
Cash Receipts Journal
d)
Chart of Accounts
23.
The amount a business adds to the cost of merchandise to establish the selling price.
a)
Sales Tax
b)
Sales Discount
c)
Markup
d)
Selling Price
24.
A tax on a sale of merchandise or services.
a)
Sales Discount
b)
Interest
c)
Markup
d)
Sales Tax
25.
A sale in which the customer pays for the total amount of the sale at the time of the transaction.
a)
Cash Discount
b)
Cash Sale
c)
Cash Money
d)
Cash Receipt
26.
A report of credit card sales produced by a point-of-sale terminal.
a)
Batching out
b)
Batching End Shift
c)
Batching Report
d)
Batch Machine
27.
The process of preparing a batch report from a point-of-sale terminal is called
a)
Batching Report
b)
Batching Out
c)
Batch Tax
d)
Batch End Shift
28.
The amount a business receives from the sale of an item of merchandise
a)
Purchase Price
b)
Selling Price
c)
Markup
d)
Sales Tax
29.
A subsidiary ledger containing all accounts for charge customers.
a)
accounts payable ledger
b)
accounts receivable ledger
c)
general ledger
d)
general journal
30.
A special journal used to record only sales of merchandise on account.
a)
Cash Receipts Journal
b)
Cash Payments Journal
c)
Purchase Journal
d)
Sales Journal
31.
A journal used to record only one kind of transaction.
a)
General Journal
b)
Special Journal
c)
Creative Journal
d)
Perpetual Journal
32.
A deduction that a vendor allows on an invoice amount to encourage prompt payment.
a)
Sales Tax
b)
Sales Discount
c)
Cash Discount
d)
Trade Discount
33.
A journal amount column that is not headed with an account title.
a)
Special Amount Column
b)
Column Articles
c)
Generic Columns
d)
General Amount Column
34.
The maximum outstanding balance allowed to a customer by a vendor.
a)
Credit Debt
b)
Allowance
c)
Credit Limit
d)
Credit Inventory
35.
A listing of vendor accounts, account balances, and the total amount due to all vendors.
a)
Schedule of Accounts Receivable
b)
Schedule of Accounts Payable
c)
Schedule of Inventory
d)
Schedule of Charts of Accounts
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