WorksheetsHonors Acct Chap 2 departmental (S, CR)
Total questions: 10
Worksheet time: 5mins
The source document for a sales returns and allowances transaction is
debit memorandum
credit memorandum
sales invoice
receipt
In a departmental business, when garden equipment is sold on account,
Sales is debited.
Sales-Garden is debited.
Sales is credited.
Sales-Garden is credited.
Recording all sales at the time of sale, regardless of when payment is made, is an application of the
Historical Cost concept.
Matching Expenses with Revenue concept.
Realization of Revenue concept
Going Concern concept.
A business offers a sales discount
to get repeat business from the customer.
to follow state laws.
to encourage early payment.
none of these.
The terms 2/10, n/30 mean
a 2% sales discount may be deducted if sales on account are paid within 10 days.
all sales on account must be paid within 30 days.
a 2% sales discount may be deducted if paid within 10 days or pay the entire bill within 30 days with no discount.
One item of information available through a departmental accounting system is the
net income or net loss for each department.
administrative expenses for each department.
total operating expenses for each department.
gross profit from operations for each department.
The source document for recording a transaction in a departmental sales journal is
a cash register tape.
a memorandum.
a sales invoice
an adding machine tape.
When tennis equipment subject to sales tax is sold on account, Accounts Receivable is
debited for the amount of merchandise sold.
debited for the amount of merchandise sold plus the sales tax on the merchandise.
credited for the amount of merchandise sold.
credited for the amount of sales tax.
The account credited when a customer returns merchandise or is granted an allowance is
Accounts Payable/vendor name
Sales
Accounts Receivable/customer name
Sales Returns & Allowance
Over the weekend, your teacher sent you a picture from which city?
Sandwich
Sterling
Dixon
DeKalb
