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5 Written Questions

5 Matching Questions

  1. Credit Memorandum
  2. Plant Assets
  3. Inventory
  4. Term of Sale
  5. Stockholder
  1. a Assets that will be used for a number of years in the operation of a business.
  2. b form or letter sent by a seller to a buyer, stating that a certain amount has been credited to the buyer's account.
  3. c An agreement between a buyer and a seller about payment for merchandise.
  4. d the quantity of goods on hand.
  5. e An owner of one or more shares of a corporation.

5 Multiple Choice Questions

  1. the price a business pays for goods it purchases to sell.
  2. A journal amount column headed with an account title.
  3. a business from which merchandise is purchased or supplies or other assets are bought.
  4. the total original price of all merchandise sold during a fiscal period.
  5. an invoice used as a source document for recording a purchase on account transaction.

5 True/False Questions

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


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


  3. Cash Discountincentive 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.


  4. General Amount Columnan account that reduces a related account on a financial statement.


  5. Controlling Accountan account that reduces a related account on a financial statement.


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