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5 Written questions

5 Matching questions

  1. Subsidiary Ledger
  2. Partner
  3. Special Amount Column
  4. Cash Receipt Journal
  5. Vendor
  1. a a business from which merchandise is purchased or supplies or other assets are bought.
  2. b each member of a partnership.
  3. c a ledger that is summarized in a single general ledger account.
  4. 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.
  5. e A journal amount column headed with an account title.

5 Multiple choice questions

  1. the price a business pays for goods it purchases to sell.
  2. an account in a general ledger that summarizes all accounts in a subsidiary ledger.
  3. A petty cash on hand amount that is less than a recorded amount.
  4. 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.
  5. an invoice used as a source document for recording a purchase on account transaction.

5 True/False questions

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


  2. Gross Profit On SalesAn agreement between a buyer and a seller about payment for merchandise.


  3. Purchases Discounta cash discount on sales


  4. Sales Taxcredit allowed a customer for the sale price of returned merchandise, resulting in a decrease in the vendor's accounts receivable.


  5. Merchandisegoods that a merchandising business purchases to sell.


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