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Accounting Ch 9

Quiz by John Peters

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16 questions
Show answers
  • Q1
    What is a corporation?
    The total shares of ownership in a corporation.
    An owner of one or more shares of a corporation.
    A transaction in which the merchandise purchased is to be paid for later.
    An organization which many persons may own.
    30s
  • Q2
    What does the term 'markup' refer to?
    The amount added to the cost of merchandise to establish the selling price.
    A deduction that a vendor allows on the invoice amount.
    A special journal used to record only cash payment transactions.
    The retail price listed in a catalog or on an Internet site.
    30s
  • Q3
    What is a cash discount?
    An agreement between a buyer and a seller about payment terms.
    A deduction that a vendor allows on the invoice amount to encourage prompt payment.
    A special journal used to record cash transactions.
    A form prepared by the customer showing price deductions for returns.
    30s
  • Q4
    What is a purchase on account?
    Total shares of ownership in a corporation.
    A special amount column in a cash payments journal.
    An invoice used as a source document for recording a purchase.
    A transaction in which the merchandise purchased is to be paid for later.
    30s
  • Q5
    What is the purpose of a purchases journal?
    A special journal used to record only cash payment transactions.
    To record detailed information about sales.
    To summarize all transactions over a month.
    To list all transactions regardless of type.
    30s
  • Q6
    What does the term 'contra account' mean?
    A liability account that cannot hold a balance.
    An account that reduces a related account on a financial statement.
    A type of journal for sales transactions.
    An account used for recording cash transactions only.
    30s
  • Q7
    What does 'terms of sale' indicate?
    The total cost of merchandise.
    The price a business pays for goods it purchases.
    An agreement between a buyer and a seller about payment terms.
    The process for recording cash payments.
    30s
  • Q8
    What is a debit memorandum?
    A type of invoice for cash purchases.
    A source document for recording cash transactions.
    A form prepared by the customer showing the price deduction taken by the customer for returns and allowances.
    An agreement to purchase on account.
    30s
  • Q9
    What does a purchase allowance refer to?
    Credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer's accounts payable.
    The price a business pays for goods.
    A form of cash payment.
    A reduction in the list price granted to customers.
    30s
  • Q10
    What is a 'vendor'?
    A person who holds shares in a corporation.
    A special journal for cash payments.
    A business from which merchandise is purchased.
    An organization that issues stock.
    30s
  • Q11
    What is the term for a reduction in the list price granted to customers?
    purchases return
    purchase allowance
    trade discount
    cash payments journal
    30s
  • Q12
    Which statement is true about a corporation?
    Corporations must be owned by one individual.
    A corporation cannot incur liabilities.
    All corporations are non-profit.
    Unlike a proprietorship, a corporation exists independent of its owners.
    30s
  • Q13
    Why is it important to regularly check for cash short and cash over situations in a business?
    To make more sales.
    To avoid paying taxes.
    To ensure accurate financial records and prevent losses.
    To confuse the employees.
    30s
  • Q14
    What is the primary purpose of reconciling cash at the end of a shift?
    To calculate employee bonuses.
    To check the functionality of the cash register.
    To verify that the cash matches sales records.
    To collect tips from customers.
    30s
  • Q15
    True or False: The custodian prepares a petty cash report when the petty cash fund is to be replenished.
    Maybe
    False
    Not Sure
    True
    30s

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