5 Written Questions
5 Matching Questions
- Credit Memorandum
- Plant Assets
- Term of Sale
- a Assets that will be used for a number of years in the operation of a business.
- b form or letter sent by a seller to a buyer, stating that a certain amount has been credited to the buyer's account.
- c An agreement between a buyer and a seller about payment for merchandise.
- d the quantity of goods on hand.
- e An owner of one or more shares of a corporation.
5 Multiple Choice Questions
- the price a business pays for goods it purchases to sell.
- A journal amount column headed with an account title.
- a business from which merchandise is purchased or supplies or other assets are bought.
- the total original price of all merchandise sold during a fiscal period.
- an invoice used as a source document for recording a purchase on account transaction.
5 True/False Questions
Supporting Schedule → a report prepared to give details about an item on a principal financial statement.
Owner's Equity Statement → a financial statement that summarizes the changes in owner's equity during a fiscal period.
Cash Discount → 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.
General Amount Column → an account that reduces a related account on a financial statement.
Controlling Account → an account that reduces a related account on a financial statement.