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5 Written questions

5 Matching questions

  1. Credit Card Sale
  2. Cash Short
  3. Controlling Account
  4. Current Assets
  5. General Amount Column
  1. a an account in a general ledger that summarizes all accounts in a subsidiary ledger.
  2. b A petty cash on hand amount that is less than a recorded amount.
  3. c any asset expected to last or be in use for less than one year.
  4. d A journal amount column that is not headed with an account title.
  5. e A sale in which a credit card is used for the total amount of the sale at the time of the transaction.

5 Multiple choice questions

  1. goods that a merchandising business purchases to sell.
  2. the price a business pays for goods it purchases to sell.
  3. A journal amount column headed with an account title.
  4. The retail price listed in a catalog or on an Internet site.
  5. A special journal used to record only sales of merchandise on account.

5 True/False questions

  1. Schedule of Accounts PayableA listing of customer accounts, account balances, and total amount due from all customers.

          

  2. Cost of Merchandise sold (goods)the price a business pays for goods it purchases to sell.

          

  3. Merchandise Inventorythe amount of goods on hand for sale to customers.

          

  4. Supporting Schedulean account in a general ledger that summarizes all accounts in a subsidiary ledger.

          

  5. Accounts Payable LedgerA subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.

          

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