NAME: ________________________

AR Computerized Accounting I Unit 4 Test

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5 Written Questions

5 Matching Questions

  1. Capital Stock
  2. Markup
  3. Purchases Return
  4. Owner's Equity Statement
  5. Schedule of Accounts Payable
  1. a a financial statement that summarizes the changes in owner's equity during a fiscal period.
  2. b Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's accounts payable.
  3. c total amount of a firm's capital, represented by the value of its issued common and preferred stock (ordinary and preference shares).
  4. d the amount added to the cost of merchandise to establish the selling price.
  5. e A listing of vendor accounts, account balances, and total amount due all vendors.

5 Multiple Choice Questions

  1. Assets that will be used for a number of years in the operation of a business.
  2. journal in which all cash receipts and payments (including bank deposits and withdrawals) are recorded first, in chronological order, for posting to general ledger.
  3. each member of a partnership.
  4. A journal amount column that is not headed with an account title.
  5. a cash discount on sales

5 True/False Questions

  1. Sales Taxcredit allowed a customer for the sale price of returned merchandise, resulting in a decrease in the vendor's accounts receivable.

          

  2. Debit Memorandumform or letter sent by a seller to a buyer, stating that a certain amount has been credited to the buyer's account.

          

  3. Vendorthe quantity of goods on hand.

          

  4. Supporting Schedulea report prepared to give details about an item on a principal financial statement.

          

  5. Purchases Allowancecredit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer's accounts payable.

          

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