5 Written questions
5 Matching questions
- Plant Assets
- Retained Earnings
- Current Assets
- Owner's Equity Statement
- a a financial statement that summarizes the changes in owner's equity during a fiscal period.
- b any asset expected to last or be in use for less than one year.
- c a business from which merchandise is purchased or supplies or other assets are bought.
- d an amount earned by a corporation and not yet distributed to stockholders.
- e Assets that will be used for a number of years in the operation of a business.
5 Multiple choice questions
- The report that summarizes the cash and credit card sales of a point-of-sale terminal.
- form or letter issued by a seller to advise the amount owed by the buyer
- form or letter sent by a seller to a buyer, stating that a certain amount has been credited to the buyer's account.
- A petty cash on hand amount that is more than a recorded amount.
- A petty cash on hand amount that is less than a recorded amount.
5 True/False questions
Batching Out → a report which gives performance information over a specific date range.
Sales Allowance → 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.
General Amount Column → A journal amount column that is not headed with an account title.
Corporation → business that meets certain legal requirements to be recognized as having a legal existence, as an entity separate and distinct from it owners.
Cost of Merchandise sold (goods) → the price a business pays for goods it purchases to sell.