5 Written questions
5 Matching questions
- Supporting Schedule
- Current Assets
- Accounts Receivable Ledger
- Cash Receipt Journal
- Cash Discount
- a journal in which all cash receipts and payments (including bank deposits and withdrawals) are recorded first, in chronological order, for posting to general ledger.
- b 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.
- c A subsidiary ledger containing only accounts for charge customers.
- d any asset expected to last or be in use for less than one year.
- e a report prepared to give details about an item on a principal financial statement.
5 Multiple choice questions
- The retail price listed in a catalog or on an Internet site.
- A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.
- business that meets certain legal requirements to be recognized as having a legal existence, as an entity separate and distinct from it owners.
- a cash discount on sales
- each unit of ownership in a corporation.
5 True/False questions
Sales Tax → credit allowed a customer for the sale price of returned merchandise, resulting in a decrease in the vendor's accounts receivable.
Purchases Discount → A cash discount on purchases taken by a customer.
Cash Sale → A petty cash on hand amount that is more than a recorded amount.
Partner → each member of a partnership.
Historical Cost Concept → total amount of a firm's capital, represented by the value of its issued common and preferred stock (ordinary and preference shares).