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5 Written questions

5 Matching questions

  1. Supporting Schedule
  2. Current Assets
  3. Accounts Receivable Ledger
  4. Cash Receipt Journal
  5. Cash Discount
  1. a journal in which all cash receipts and payments (including bank deposits and withdrawals) are recorded first, in chronological order, for posting to general ledger.
  2. b 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.
  3. c A subsidiary ledger containing only accounts for charge customers.
  4. d any asset expected to last or be in use for less than one year.
  5. e a report prepared to give details about an item on a principal financial statement.

5 Multiple choice questions

  1. The retail price listed in a catalog or on an Internet site.
  2. A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.
  3. business that meets certain legal requirements to be recognized as having a legal existence, as an entity separate and distinct from it owners.
  4. a cash discount on sales
  5. each unit of ownership in a corporation.

5 True/False questions

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


  2. Purchases DiscountA cash discount on purchases taken by a customer.


  3. Cash SaleA petty cash on hand amount that is more than a recorded amount.


  4. Partnereach member of a partnership.


  5. Historical Cost Concepttotal amount of a firm's capital, represented by the value of its issued common and preferred stock (ordinary and preference shares).