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5 Written questions

5 Matching questions

  1. Gross Profit On Sales
  2. Inventory
  3. Schedule of Accounts Receivable
  4. Cash Sale
  5. Controlling Account
  1. a A listing of customer accounts, account balances, and total amount due from all customers.
  2. b the revenue remaining after cost of merchandise sold has been deducted.
  3. c the quantity of goods on hand.
  4. d A sale in which cash is received for the total amount of the sale at the time of the transaction.
  5. e an account in a general ledger that summarizes all accounts in a subsidiary ledger.

5 Multiple choice questions

  1. A cash discount on purchases taken by a customer.
  2. the price a business pays for goods it purchases to sell.
  3. A special journal used to record only sales of merchandise on account.
  4. The retail price listed in a catalog or on an Internet site.
  5. an invoice used as a source document for recording a purchase on account transaction.

5 True/False questions

  1. Retained EarningsAssets that will be used for a number of years in the operation of a business.

          

  2. Merchandise Inventorythe amount of goods on hand for sale to customers.

          

  3. Credit Card SaleA sale in which cash is received for the total amount of the sale at the time of the transaction.

          

  4. Sales Returna tax on a sale of merchandise or services.

          

  5. Contra Accountan account that reduces a related account on a financial statement.