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5 Written questions

5 Matching questions

  1. What is the classification for notes receivable (due in 6 months)?
  2. What is: An inventory system in which detailed records are not maintained and the cost of goods sold is determined only at the end of an accounting period.
  3. If a sales invoice shows credit terms of 2/10, n/30, the discount period is:
  4. What is the classification for allowance for doubtful accounts?
  5. Which of the following items in a cash drawer at November 30 is NOT reported as cash?
    Money orders.
    Coins and currency.
    A customer check dated December 1.
    A customer check dated November 28.
  1. a Periodic Inventory.
  2. b Current Assets
  3. c Intangible Assets
  4. d A customer check dated December 1.
  5. e 10 days.

5 Multiple choice questions

  1. When the goods are transferred from the seller to the buyer.
  2. Sales Return.
  3. both the periodic and perpetual inventory systems
  4. Stockholders' Equity
  5. Liquidity.

5 True/False questions

  1. What is: A cash discount cliamed by a buyer for prompt payment of a balance due.Sales Discount.


  2. Under the perpetual inventory system, purchases of merchandise for sale are recorded inan account called:Inventory.


  3. What is: An account that is offset against a revenue account on the income statement.Contra Revenue Account.


  4. Which inventory costing method matches recent costs with recent revenues?Specific identification


  5. What is: A detailed inventory system in which the cost of each invewntory item is maintained and the rcords continuously show the inventory that should be on hand.Perpetual Inventory.