5 Written questions
5 Matching questions
- Share of Stock
- General Amount Column
- Owner's Equity Statement
- Term of Sale
- a A journal amount column that is not headed with an account title.
- b the quantity of goods on hand.
- c each unit of ownership in a corporation.
- d a financial statement that summarizes the changes in owner's equity during a fiscal period.
- e An agreement between a buyer and a seller about payment for merchandise.
5 Multiple choice questions
- an invoice used as a source document for recording a purchase on account transaction.
- The actual amount paid for merchandise or other items bought is recorded.
- The report that summarizes the cash and credit card sales of a point-of-sale terminal.
- a report which gives performance information over a specific date range.
- an account in a general ledger that summarizes all accounts in a subsidiary ledger.
5 True/False questions
Point-of-sale (POS) Terminal → A special journal used to record only sales of merchandise on account.
Markup → each member of a partnership.
Partner → each member of a partnership.
Debit Memorandum → form or letter sent by a seller to a buyer, stating that a certain amount has been credited to the buyer's account.
Purchases Return → Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's accounts payable.