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5 Written questions

5 Matching questions

  1. Share of Stock
  2. Inventory
  3. General Amount Column
  4. Owner's Equity Statement
  5. Term of Sale
  1. a A journal amount column that is not headed with an account title.
  2. b the quantity of goods on hand.
  3. c each unit of ownership in a corporation.
  4. d a financial statement that summarizes the changes in owner's equity during a fiscal period.
  5. e An agreement between a buyer and a seller about payment for merchandise.

5 Multiple choice questions

  1. an invoice used as a source document for recording a purchase on account transaction.
  2. The actual amount paid for merchandise or other items bought is recorded.
  3. The report that summarizes the cash and credit card sales of a point-of-sale terminal.
  4. a report which gives performance information over a specific date range.
  5. an account in a general ledger that summarizes all accounts in a subsidiary ledger.

5 True/False questions

  1. Point-of-sale (POS) TerminalA special journal used to record only sales of merchandise on account.

          

  2. Markupeach member of a partnership.

          

  3. Partnereach member of a partnership.

          

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

          

  5. Purchases ReturnCredit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's accounts payable.

          

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