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5 Written questions

5 Matching questions

  1. Partner
  2. Controlling Account
  3. Special Amount Column
  4. Cost of Merchandise
  5. Credit Card Sale
  1. a A journal amount column headed with an account title.
  2. b each member of a partnership.
  3. c the price a business pays for goods it purchases to sell.
  4. d A sale in which a credit card is used for the total amount of the sale at the time of the transaction.
  5. e an account in a general ledger that summarizes all accounts in a subsidiary ledger.

5 Multiple choice questions

  1. A listing of vendor accounts, account balances, and total amount due all vendors.
  2. closing out all the transactions on the system that were processed for a particular day.
  3. the amount of goods on hand for sale to customers.
  4. the quantity of goods on hand.
  5. A journal amount column that is not headed with an account title.

5 True/False questions

  1. Sales Returna tax on a sale of merchandise or services.

          

  2. Corporationeach member of a partnership.

          

  3. Term of SaleA sale in which cash is received for the total amount of the sale at the time of the transaction.

          

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

          

  5. Merchandisegoods that a merchandising business purchases to sell.

          

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