5 Written questions
5 Matching questions
- Controlling Account
- Special Amount Column
- Cost of Merchandise
- Credit Card Sale
- a A journal amount column headed with an account title.
- b each member of a partnership.
- c the price a business pays for goods it purchases to sell.
- d A sale in which a credit card is used for the total amount of the sale at the time of the transaction.
- e an account in a general ledger that summarizes all accounts in a subsidiary ledger.
5 Multiple choice questions
- A listing of vendor accounts, account balances, and total amount due all vendors.
- closing out all the transactions on the system that were processed for a particular day.
- the amount of goods on hand for sale to customers.
- the quantity of goods on hand.
- A journal amount column that is not headed with an account title.
5 True/False questions
Sales Return → a tax on a sale of merchandise or services.
Corporation → each member of a partnership.
Term of Sale → A sale in which cash is received for the total amount of the sale at the time of the transaction.
Supporting Schedule → a report prepared to give details about an item on a principal financial statement.
Merchandise → goods that a merchandising business purchases to sell.