5 Written Questions
5 Matching Questions
- Capital Stock
- Purchases Return
- Owner's Equity Statement
- Schedule of Accounts Payable
- a a financial statement that summarizes the changes in owner's equity during a fiscal period.
- b Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's accounts payable.
- c total amount of a firm's capital, represented by the value of its issued common and preferred stock (ordinary and preference shares).
- d the amount added to the cost of merchandise to establish the selling price.
- e A listing of vendor accounts, account balances, and total amount due all vendors.
5 Multiple Choice Questions
- Assets that will be used for a number of years in the operation of a business.
- journal in which all cash receipts and payments (including bank deposits and withdrawals) are recorded first, in chronological order, for posting to general ledger.
- each member of a partnership.
- A journal amount column that is not headed with an account title.
- a cash discount on sales
5 True/False Questions
Sales Tax → credit allowed a customer for the sale price of returned merchandise, resulting in a decrease in the vendor's accounts receivable.
Debit Memorandum → form or letter sent by a seller to a buyer, stating that a certain amount has been credited to the buyer's account.
Vendor → the quantity of goods on hand.
Supporting Schedule → a report prepared to give details about an item on a principal financial statement.
Purchases Allowance → credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer's accounts payable.