NEW
Font size
S
M
L
XL
WorksheetsCh. 2 Review Advanced Accounting
Total questions: 25
Worksheet time: 13mins
Name
Class
Date
1.
Departmental information can help identify problems in specific departments.
a)
TRUE
b)
FALSE
2.
In a cash receipts journal, sales and sales returns and allowances are recorded by department.
a)
TRUE
b)
FALSE
3.
Frequent postings are made from the customers� accounts to the general journal in order to keep the customers� accounts up to date.
a)
TRUE
b)
FALSE
4.
The form prepared by the vendor showing the amount deducted for returns and allowancesis known as a credit memorandum.
a)
TRUE
b)
FALSE
5.
Each amount recorded in the Accounts Receivable Credit column of the cash receipts journalis posted to the appropriate customer account in the accounts receivable ledger.
a)
TRUE
b)
FALSE
6.
To have complete departmental data, purchases, sales, cash receipts, and cash payments must be analyzed by department.
a)
TRUE
b)
FALSE
7.
The sales journal has three credit columns: (1) Sales Discount, (2) Sales, and (3) Sales Tax Payable.
a)
TRUE
b)
FALSE
8.
When amounts are posted from the sales journal to the customers� accounts, the customer number is recorded in the Post. Ref. column of the sales journal.
a)
TRUE
b)
FALSE
9.
By recording sales returns and allowances separately, a business can easily determine the proportion of merchandise sold that was returned by customers.
a)
TRUE
b)
FALSE
10.
The total amount shown on a sales invoice includes the price of the merchandise plus the sales tax.
a)
TRUE
b)
FALSE
11.
The terminal summary is the source document for both cash sales and credit card sales.
a)
TRUE
b)
FALSE
12.
All departmental sales are recorded in a sales journal.
a)
TRUE
b)
FALSE
13.
A sales return results in a credit to the customer�s account and the general ledger account, Accounts Receivable.
a)
TRUE
b)
FALSE
14.
Sold a boat on account to Robson Randle, $9,000.00, plus sales tax, $450.00; total, $9,450.00. Sales Invoice No. 777. This transaction is recorded in the
a)
sales journal
b)
general journal
c)
cash receipts journal
d)
none of these
15.
Sold a boat on account to Robson Randle, $9,000.00, plus sales tax, $450.00; total, $9,450.00. Sales Invoice No. 777. The general ledger account(s) debited for this transaction is (are)
a)
Accounts Receivable
b)
Sales-Boats and Sales Tax Payable
c)
Accounts Receivable and Sales -Boats
d)
Accounts Receivable and Cash
16.
Sold a boat on account to Robson Randle, $9,000.00, plus sales tax, $450.00; total, $9,450.00. Sales Invoice No. 777. The account(s) credited for this transaction is (are)
a)
Accounts Receivable
b)
Accounts Receivable and Sales-Boats
c)
Sales-Boats and Sales Tax Payable
d)
Accounts Receivable and Cash
17.
Sold a boat on account to Robson Randle, $9,000.00, plus sales tax, $450.00; total, $9,450.00. Sales Invoice No. 777. The title recorded in the Account Debited column is
a)
Accounts Receivable
b)
Sales-Boats
c)
Jenson Boats
d)
Robson Randle
18.
Received cash on account from Robson Randle, covering Sales Invoice No. 777 (see above), less 2% discount. This transaction is recorded in the
a)
sales journal
b)
general journal
c)
cash receipts journal
d)
none of these
19.
Received cash on account from Robson Randle, covering Sales Invoice No. 777 (see above), less 2% discount. The general ledger account(s) debited for this transaction is (are)
a)
Accounts Receivable and Sales Tax Payable
b)
Accounts Receivable
c)
Cash and Sales Discount-Boats
d)
Accounts Receivable and Cash
20.
Received cash on account from Robson Randle, covering Sales Invoice No. 777 (see above), less 2% discount. The amount of cash received for this transaction is
a)
$9,450.00
b)
$9,261.00
c)
$9,270.00
d)
$8,820.00
21.
Received cash on account from Robson Randle, covering Sales Invoice No. 777 (see above), less 2% discount. When journalizing a sales return transaction in the general journal, the accounts debited are
a)
Accounts Receivable and Sales Tax Payable
b)
Sales Tax Payable and Sales
c)
Sales Tax Payable and Sales Retunrs and Allowances
d)
Sales Returns and Allowances and Cash
22.
Received cash on account from Robson Randle, covering Sales Invoice No. 777 (see above), less 2% discount. When journalizing a sales return transaction in the general journal, the general ledger account(s) credited is (are)
a)
Accounts Receivable
b)
Accounts Receivable and Sales Returns and Allowances
c)
Sales Tax Payable and Sales
d)
Sales Returans and Allowances and Sales Tax Payable
23.
In states that have a sales tax, businesses include a Sales Tax Payable Credit column in the sales journal.
a)
TRUE
b)
FALSE
24.
The Realization of Revenue accounting concept explains why businesses record departmental sales at the time of sale, regardless of when payment is made.
a)
TRUE
b)
FALSE
25.
Received cash on account from Robson Randle, covering Sales Invoice No. 777 (see above), less 2% discount. The general ledger account(s) credited for this transaction is (are)
a)
Accounts Receivable and Sales Tax Payable
b)
Accounts Receivable
c)
Cash and Sales Discount-Boats
d)
Accounts Receivable and Cash
Reset
