5 Written questions
5 Matching questions
- Gross Profit On Sales
- Owner's Equity Statement
- Cash Over
- Credit Memorandum
- a form or letter sent by a seller to a buyer, stating that a certain amount has been credited to the buyer's account.
- b a financial statement that summarizes the changes in owner's equity during a fiscal period.
- c the revenue remaining after cost of merchandise sold has been deducted.
- d A petty cash on hand amount that is more than a recorded amount.
- e goods that a merchandising business purchases to sell.
5 Multiple choice questions
- the amount added to the cost of merchandise to establish the selling price.
- the total original price of all merchandise sold during a fiscal period.
- journal in which all cash receipts and payments (including bank deposits and withdrawals) are recorded first, in chronological order, for posting to general ledger.
- 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.
- a reduction in the list price granted to customers.
5 True/False questions
Wholesale Merchandising Business → a business that buys and resells merchandise to retail merchandising businesses.
Merchandise Inventory → goods that a merchandising business purchases to sell.
Retained Earnings → an amount earned by a corporation and not yet distributed to stockholders.
Distribution-of-net-income Statement → a financial statement that summarizes the changes in owner's equity during a fiscal period.
Capital Stock → each unit of ownership in a corporation.