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5 Written questions

5 Matching questions

  1. Cash Short
  2. Merchandise
  3. Retained Earnings
  4. Credit Memorandum
  5. Inventory
  1. a A petty cash on hand amount that is less than a recorded amount.
  2. b goods that a merchandising business purchases to sell.
  3. c the quantity of goods on hand.
  4. d form or letter sent by a seller to a buyer, stating that a certain amount has been credited to the buyer's account.
  5. e an amount earned by a corporation and not yet distributed to stockholders.

5 Multiple choice questions

  1. closing out all the transactions on the system that were processed for a particular day.
  2. each unit of ownership in a corporation.
  3. Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's accounts payable.
  4. A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.
  5. each member of a partnership.

5 True/False questions

  1. Cost of Merchandisegoods that a merchandising business purchases to sell.

          

  2. Current AssetsAssets that will be used for a number of years in the operation of a business.

          

  3. Trade Discounta reduction in the list price granted to customers.

          

  4. Plant AssetsAssets that will be used for a number of years in the operation of a business.

          

  5. Sales Allowancecredit allowed a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the vendor's accounts receivable.