5 Written questions
5 Matching questions
- Subsidiary Ledger
- Special Amount Column
- Cash Receipt Journal
- a a business from which merchandise is purchased or supplies or other assets are bought.
- b each member of a partnership.
- c a ledger that is summarized in a single general ledger account.
- d journal in which all cash receipts and payments (including bank deposits and withdrawals) are recorded first, in chronological order, for posting to general ledger.
- e A journal amount column headed with an account title.
5 Multiple choice questions
- the price a business pays for goods it purchases to sell.
- an account in a general ledger that summarizes all accounts in a subsidiary ledger.
- A petty cash on hand amount that is less than a recorded amount.
- incentive 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.
- an invoice used as a source document for recording a purchase on account transaction.
5 True/False questions
Owner's Equity Statement → a financial statement that summarizes the changes in owner's equity during a fiscal period.
Gross Profit On Sales → An agreement between a buyer and a seller about payment for merchandise.
Purchases Discount → a cash discount on sales
Sales Tax → credit allowed a customer for the sale price of returned merchandise, resulting in a decrease in the vendor's accounts receivable.
Merchandise → goods that a merchandising business purchases to sell.