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5 Written questions

5 Matching questions

  1. Vendor
  2. Plant Assets
  3. Retained Earnings
  4. Current Assets
  5. Owner's Equity Statement
  1. a a financial statement that summarizes the changes in owner's equity during a fiscal period.
  2. b any asset expected to last or be in use for less than one year.
  3. c a business from which merchandise is purchased or supplies or other assets are bought.
  4. d an amount earned by a corporation and not yet distributed to stockholders.
  5. e Assets that will be used for a number of years in the operation of a business.

5 Multiple choice questions

  1. The report that summarizes the cash and credit card sales of a point-of-sale terminal.
  2. form or letter issued by a seller to advise the amount owed by the buyer
  3. form or letter sent by a seller to a buyer, stating that a certain amount has been credited to the buyer's account.
  4. A petty cash on hand amount that is more than a recorded amount.
  5. A petty cash on hand amount that is less than a recorded amount.

5 True/False questions

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


  2. 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.


  3. General Amount ColumnA journal amount column that is not headed with an account title.


  4. Corporationbusiness that meets certain legal requirements to be recognized as having a legal existence, as an entity separate and distinct from it owners.


  5. Cost of Merchandise sold (goods)the price a business pays for goods it purchases to sell.