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5 Written Questions

5 Matching Questions

  1. Sales Allowance
  2. Capital Stock
  3. Batching Out
  4. Purchases Allowance
  5. Corporation
  1. a total amount of a firm's capital, represented by the value of its issued common and preferred stock (ordinary and preference shares).
  2. 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.
  3. c closing out all the transactions on the system that were processed for a particular day.
  4. 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.
  5. 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

  1. an account that reduces a related account on a financial statement.
  2. 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.
  3. A subsidiary ledger containing only accounts for charge customers.
  4. journal in which all cash receipts and payments (including bank deposits and withdrawals) are recorded first, in chronological order, for posting to general ledger.
  5. a ledger that is summarized in a single general ledger account.

5 True/False Questions

  1. Retained Earningsa tax on a sale of merchandise or services.

          

  2. List PriceA sale in which cash is received for the total amount of the sale at the time of the transaction.

          

  3. Merchandisea business from which merchandise is purchased or supplies or other assets are bought.

          

  4. Sales Discounta cash discount on sales

          

  5. Debit Memorandumform or letter issued by a seller to advise the amount owed by the buyer

          

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