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WorksheetsAccounting Chapter 9
Total questions: 18
Worksheet time: 9mins
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 purchase of merchandise for cash would be posted
a)
a. individually to Purchases and individually to Accounts Payable.
b)
b. individually to Purchases.
c)
c. as part of a column total to Purchases.
d)
d. as part of column totals to Purchases and Accounts Payable.
12.
Merchandise with a list price of $1,500.00 is purchased on account for $900.00 on August 1.Terms of sale are 2/10, n/30. Payment is made on August 17. The amount paid should be
a)
a. $1,500.00.
b)
b. $900.00.
c)
c. $600.00.
d)
d. $882.00.
13.
The Purchases account is classified as a(n)
a)
a. expense account.
b)
b. asset account.
c)
c. liability account.
d)
d. cost of goods sold account.
14.
A periodic inventory conducted by counting, weighing, or measuring items of merchandise on hand is called a(n)
a)
a. perpetual inventory.
b)
b. inventory certification.
c)
c. audit verification.
d)
d. physical inventory.
15.
Supplies bought for use in a business are recorded in the
a)
a. Supplies Expense account.
b)
b. Supplies account.
c)
c. Purchases account.
d)
d. Cash account.
16.
An employee working with an account can trace a transaction back to the correct journal by using information in the
a)
a. Post. Ref. column.
b)
b. Item column.
c)
c. Purch. No. column.
d)
d. Vendor column.
17.
Since contra accounts are offsets to their related accounts, contra account normal balances are
a)
a. debits.
b)
b. credits.
c)
c. opposite the normal balances of their related accounts.
d)
d. the same as the normal balances of their related accounts.
18.
To replenish a $300.00 petty cash fund, if the petty cash custodian had receipts totaling$224.00 and cash of $74.00 in the petty cash box, one part of the journal entry is a
a)
a. debit to Cash Short and Over for $2.00.
b)
b. credit to Cash for $224.00.
c)
c. debit to Petty Cash for $224.00.
d)
d. credit to Cash Short and Over for $2.00.
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