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5 Written questions

5 Matching questions

  1. Controlling Account
  2. Gross Profit On Sales
  3. Corporation
  4. Capital Stock
  5. Term of Sale
  1. a the revenue remaining after cost of merchandise sold has been deducted.
  2. b an account in a general ledger that summarizes all accounts in a subsidiary ledger.
  3. c total amount of a firm's capital, represented by the value of its issued common and preferred stock (ordinary and preference shares).
  4. d An agreement between a buyer and a seller about payment for merchandise.
  5. 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

  1. A journal amount column that is not headed with an account title.
  2. A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.
  3. a tax on a sale of merchandise or services.
  4. each member of a partnership.
  5. 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

  1. Share of Stockeach unit of ownership in a corporation.


  2. Cost of Merchandisethe price a business pays for goods it purchases to sell.


  3. Terminal SummaryThe report that summarizes the cash and credit card sales of a point-of-sale terminal.


  4. Cash Receipt JournalA special journal used to record only sales of merchandise on account.


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