5 Written Questions
5 Matching Questions
- Sales Allowance
- Capital Stock
- Batching Out
- Purchases Allowance
- a total amount of a firm's capital, represented by the value of its issued common and preferred stock (ordinary and preference shares).
- b credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer's accounts payable.
- c closing out all the transactions on the system that were processed for a particular day.
- d credit allowed a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the vendor's accounts receivable.
- e business that meets certain legal requirements to be recognized as having a legal existence, as an entity separate and distinct from it owners.
5 Multiple Choice Questions
- an account that reduces a related account on a financial statement.
- incentive offered by a seller to a buyer for settling the invoice immediately on delivery or in a period substantially shorter than the conventional period in that industry or market.
- A subsidiary ledger containing only accounts for charge customers.
- journal in which all cash receipts and payments (including bank deposits and withdrawals) are recorded first, in chronological order, for posting to general ledger.
- a ledger that is summarized in a single general ledger account.
5 True/False Questions
Retained Earnings → a tax on a sale of merchandise or services.
List Price → A sale in which cash is received for the total amount of the sale at the time of the transaction.
Merchandise → a business from which merchandise is purchased or supplies or other assets are bought.
Sales Discount → a cash discount on sales
Debit Memorandum → form or letter issued by a seller to advise the amount owed by the buyer