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5 Written Questions

5 Matching Questions

  1. Batch Report
  2. Gross Profit On Sales
  3. Purchases Return
  4. Inventory
  5. Point-of-sale (POS) Terminal
  1. a the revenue remaining after cost of merchandise sold has been deducted.
  2. b the quantity of goods on hand.
  3. c A computer used to collect, store, and report all the information of a sales transaction.
  4. d a report which gives performance information over a specific date range.
  5. e Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's accounts payable.

5 Multiple Choice Questions

  1. each unit of ownership in a corporation.
  2. form or letter issued by a seller to advise the amount owed by the buyer
  3. 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.
  4. credit allowed a customer for the sale price of returned merchandise, resulting in a decrease in the vendor's accounts receivable.
  5. a merchandising business that sells to those who use or consume the goods.

5 True/False Questions

  1. Plant AssetsAssets that will be used for a number of years in the operation of a business.

          

  2. Accounts Payable LedgerA subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.

          

  3. Cost of Merchandisethe price a business pays for goods it purchases to sell.

          

  4. Schedule of Accounts PayableA listing of vendor accounts, account balances, and total amount due all vendors.

          

  5. Accounts Receivable LedgerA subsidiary ledger containing only accounts for charge customers.

          

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