5 Written questions
5 Matching questions
- Purchases Return
- Credit Memorandum
- Schedule of Accounts Payable
- Cash Discount
- Purchases Allowance
- a form or letter sent by a seller to a buyer, stating that a certain amount has been credited to the buyer's account.
- b A listing of vendor accounts, account balances, and total amount due all vendors.
- c 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.
- d Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's accounts payable.
- e 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 Multiple choice questions
- each unit of ownership in a corporation.
- 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.
- a reduction in the list price granted to customers.
- The actual amount paid for merchandise or other items bought is recorded.
- a business from which merchandise is purchased or supplies or other assets are bought.
5 True/False questions
Cash Receipt Journal → journal in which all cash receipts and payments (including bank deposits and withdrawals) are recorded first, in chronological order, for posting to general ledger.
Current Assets → Assets that will be used for a number of years in the operation of a business.
Customer → each member of a partnership.
Batching Out → a report which gives performance information over a specific date range.
Sales Journal → credit allowed a customer for the sale price of returned merchandise, resulting in a decrease in the vendor's accounts receivable.