5 Written questions
5 Matching questions
- Controlling Account
- Gross Profit On Sales
- Capital Stock
- Term of Sale
- a the revenue remaining after cost of merchandise sold has been deducted.
- b an account in a general ledger that summarizes all accounts in a subsidiary ledger.
- c total amount of a firm's capital, represented by the value of its issued common and preferred stock (ordinary and preference shares).
- d An agreement between a buyer and a seller about payment for merchandise.
- e business that meets certain legal requirements to be recognized as having a legal existence, as an entity separate and distinct from it owners.
5 Multiple choice questions
- A journal amount column that is not headed with an account title.
- A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.
- a tax on a sale of merchandise or services.
- each member of a partnership.
- 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 True/False questions
Share of Stock → each unit of ownership in a corporation.
Cost of Merchandise → the price a business pays for goods it purchases to sell.
Terminal Summary → The report that summarizes the cash and credit card sales of a point-of-sale terminal.
Cash Receipt Journal → A special journal used to record only sales of merchandise on account.
Merchandise Inventory → the amount of goods on hand for sale to customers.