5 Written questions
5 Matching questions
- Supporting Schedule
- Purchase Invoice
- Purchases Discount
- a business that meets certain legal requirements to be recognized as having a legal existence, as an entity separate and distinct from it owners.
- b an invoice used as a source document for recording a purchase on account transaction.
- c A cash discount on purchases taken by a customer.
- d a report prepared to give details about an item on a principal financial statement.
- e An owner of one or more shares of a corporation.
5 Multiple choice questions
- A journal amount column that is not headed with an account title.
- a financial statement that summarizes the changes in owner's equity during a fiscal period.
- An agreement between a buyer and a seller about payment for merchandise.
- The report that summarizes the cash and credit card sales of a point-of-sale terminal.
- a business from which merchandise is purchased or supplies or other assets are bought.
5 True/False questions
Cash Over → a person or business to whom merchandise or services are sold.
Cash Receipt Journal → A special journal used to record only sales of merchandise on account.
Capital Stock → total amount of a firm's capital, represented by the value of its issued common and preferred stock (ordinary and preference shares).
Wholesale Merchandising Business → a merchandising business that sells to those who use or consume the goods.
Retail Merchandising Business → a merchandising business that sells to those who use or consume the goods.