5 Written Questions
5 Matching Questions
- Batch Report
- Gross Profit On Sales
- Purchases Return
- Point-of-sale (POS) Terminal
- a the revenue remaining after cost of merchandise sold has been deducted.
- b the quantity of goods on hand.
- c A computer used to collect, store, and report all the information of a sales transaction.
- d a report which gives performance information over a specific date range.
- e Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's accounts payable.
5 Multiple Choice Questions
- each unit of ownership in a corporation.
- form or letter issued by a seller to advise the amount owed by the buyer
- 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.
- credit allowed a customer for the sale price of returned merchandise, resulting in a decrease in the vendor's accounts receivable.
- a merchandising business that sells to those who use or consume the goods.
5 True/False Questions
Plant Assets → Assets that will be used for a number of years in the operation of a business.
Accounts Payable Ledger → A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.
Cost of Merchandise → the price a business pays for goods it purchases to sell.
Schedule of Accounts Payable → A listing of vendor accounts, account balances, and total amount due all vendors.
Accounts Receivable Ledger → A subsidiary ledger containing only accounts for charge customers.