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5 Written questions

5 Matching questions

  1. Purchases Return
  2. Credit Memorandum
  3. Schedule of Accounts Payable
  4. Cash Discount
  5. Purchases Allowance
  1. a form or letter sent by a seller to a buyer, stating that a certain amount has been credited to the buyer's account.
  2. b A listing of vendor accounts, account balances, and total amount due all vendors.
  3. c 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.
  4. d Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's accounts payable.
  5. e credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer's accounts payable.

5 Multiple choice questions

  1. each unit of ownership in a corporation.
  2. credit 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.
  3. a reduction in the list price granted to customers.
  4. The actual amount paid for merchandise or other items bought is recorded.
  5. a business from which merchandise is purchased or supplies or other assets are bought.

5 True/False questions

  1. Cash Receipt Journaljournal in which all cash receipts and payments (including bank deposits and withdrawals) are recorded first, in chronological order, for posting to general ledger.

          

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

          

  3. Customereach member of a partnership.

          

  4. Batching Outa report which gives performance information over a specific date range.

          

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

          

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