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ACCOUNTING CHAPTER 9 REVIEW

Total questions: 40

Worksheet time: 21mins

Name
Class
Date
1.
The petty cash account Cash Short and Over is a temporary account.
a)
True
b)
False
2.
 A corporation can own property, incur liabilities, and enter into contracts in its own name.
a)
True
b)
False
3.
A corporation exists independent of its owners.
a)
True
b)
False
4.
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
5.
The petty cash account Cash Short and Over is a temporary account.
a)
True
b)
False
6.
 A corporation can own property, incur liabilities, and enter into contracts in its own name.
a)
True
b)
False
7.
A corporation exists independent of its owners.
a)
True
b)
False
8.
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
9.
The total of accounts in the accounts payable subsidiary ledger equals the balance of the controlling account, Accounts Payable.
a)
True
b)
False
10.
The contra account Purchases Discount has a normal debit balance.
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.
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.
13.
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.
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.
19.

Recording entries in a journal with special amount columns saves time.

a)

True

b)

False

20.

To begin a new journal page, the totals from the previous journal page are carried forward to the next journal page.

a)

True

b)

False

21.

If actual petty cash on hand is $39, but records show that the balance should be $40....

a)

Petty Cash is Over

b)

Petty Cash is Short

c)

Petty Cash is Balanced

d)

What is Petty Cash?

22.

On a purchase invoice, what do the terms refer to?

a)

The businesses named on the invoice

b)

The length of time a customer has to pay

c)

The amount per item a customer has to pay

d)

The total amount on the invoice the customer has to pay

23.

The source document for a cash purchase is a...

a)

Purchase Invoice

b)

Memo

c)

Check

d)

Debit Memo

24.

On the Purchases Journal we use, what is the one special amount column heading we'll see?

a)

Accounts Payable Debit; Purchases Credit

b)

Purchases Debit; Accounts Payable Credit

c)

Cash Debit; Purchases Credit

d)

Purchases Debit; Cash Credit

25.

The name of a business that buys and resells merchandise to retail merchandising businesses?

a)

Retail merchandising business

b)

Vendor

c)

Wholesale merchandising business

d)

Outlet store

26.

Which of the following is true about the Purchases account?

a)

It is classified as an expense account

b)

It is decreased by a credit

c)

It is a permanent account

d)

It is used when both supplies and merchandise are purchased

27.

What is the source document for a merchandise purchase on account?

a)

A memorandum

b)

A receipt

c)

A check

d)

An invoice

28.
You would debit cash and credit purchases, when buying merchandise for cash
a)
true
b)
false
29.

True or False ?

When a cash payment transaction occurs it is recorded in the purchases journal.

a)

True

b)

False

30.
What is 2/10 and n/30 ?
a)
The payment is due in 10 days and no discount.
b)
Pay within 30 days and get a 2 % discount 2 times within the 30 days.
c)
Get a 2 percent discount if you pay with 30 days.
d)
pay within 10 days and get a 2 % discount and the total invoice is due in 30 days .
31.
What is the special journal used to record only cash payment transactions ? 
a)
general amount column
b)
cash payments journal 
c)
purchases journal
d)
general ledger
32.
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.
33.

The petty cash account Cash Short and Over is a temporary account.

a)

True

b)

False

34.

An inventory determined by keeping a continuous record of increases, decreases, and the balance on hand of each item of merchandise.

a)

Controlling account

b)

Periodic inventory

c)

Perpetual inventory

d)

Schedule of accounts payable

35.

Which terms on an invoice accurately represent getting a 3% discount if paid within 10 days, net amount is due in 60 days?

a)

3/10; n/60

b)

10/3; 60/n

c)

3/60; n/10

d)

10/60; n/3

36.

The transaction, " Paid cash on account to Amazon, Inc., $1,250.00, covering P165. No cash discount was offered. C324" would get journalized in which journal?

a)

Cash payments

b)

General

c)

Purchases

d)

None of these

37.

The total on a schedule of accounts payable should...

a)

Always equal the accounts receivable debit in the general ledger

b)

Always equal the accounts payable credit in the general ledger

c)

Equal both the accounts receivable and accounts payable in the general ledger

d)

None of these

38.

A form requesting the purchase of merchandise.

a)

Articles of incorporation

b)

Perpetual inventory

c)

Purchase order

d)

Requisition

39.

A deduction that a vendor allows on an invoice amount to encourage prompt payment.

a)

Cash discount

b)

Contra account

c)

Credit limit

d)

Trade discount

40.

An account in a general ledger that summarizes all accounts in a subsidiary ledger.

a)

Contra account

b)

Controlling account

c)

Perpetual account

d)

Scheduling account

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