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5 Written questions

5 Matching questions

  1. Sales Return
  2. Capital Stock
  3. Cash Short
  4. Accounts Receivable Ledger
  5. Current Assets
  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 A subsidiary ledger containing only accounts for charge customers.
  3. c any asset expected to last or be in use for less than one year.
  4. d A petty cash on hand amount that is less than a recorded amount.
  5. e credit allowed a customer for the sale price of returned merchandise, resulting in a decrease in the vendor's accounts receivable.

5 Multiple choice questions

  1. A sale in which cash is received for the total amount of the sale at the time of the transaction.
  2. the price a business pays for goods it purchases to sell.
  3. The retail price listed in a catalog or on an Internet site.
  4. credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer's accounts payable.
  5. The report that summarizes the cash and credit card sales of a point-of-sale terminal.

5 True/False questions

  1. Retail Merchandising Businessa merchandising business that sells to those who use or consume the goods.


  2. Inventorya business from which merchandise is purchased or supplies or other assets are bought.


  3. Owner's Equity Statementa financial statement that summarizes the changes in owner's equity during a fiscal period.


  4. StockholderAn owner of one or more shares of a corporation.


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


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