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Ch 11 Accounting

Quiz by Michelle Bruce

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19 questions
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  • Q1
    Credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in teh customr's account payable to the vendor.
    sales allowance
    dividends
    Purchases allowances
    credit memo
    30s
  • Q2
    A form prepared by the vendor showning the amount deducted for returns and allowances
    sales allowance
    dividends
    credit memorandum
    sales returns
    30s
  • Q3
    A group of persons elected by the stockholders to govern a corportation
    coworkers
    board of volunteers
    board of trustee
    board of directors
    30s
  • Q4
    Action by a board of directors to distribute corporate earnings to stockholders
    sales return
    declaring a dividend
    general journal
    sales allowance
    30s
  • Q5
    A journal with two amount columns in which all kinds of entries can be recorded.
    sales return
    general journal
    sales journal
    cash journal
    30s
  • Q6
    Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's account payable to the vendor.
    purchases return
    sales return
    purchase allowance
    dividends
    30s
  • Q7
    Credit allowed to a customer for the slaes price of returned merchandise, resulting in a decrease in the accounts receivale of the merchandising business.
    general journal
    dividends
    purchases
    sales returns
    30s
  • Q8
    A form prepared by the customer showing the price deduction taken by the cstomer for a return or an allowance.
    debit memorandum
    sales alloance
    sales return
    retained earning
    30s
  • Q9
    Earnings distributed to stockholders
    dividends
    purchases
    sales allowance
    sales return
    30s
  • Q10
    Credit allowed to a customers for part of the sales price of merchandise that is not returned, resulting in a decrease in the accounts receivale of te merchandsiing busness.
    sales return
    sales
    debit
    sales allowance
    30s
  • Q11
    An amount earned by a corporation and not yet distributed to stockholders
    credit
    sales
    retained earnings
    debit
    30s
  • Q12
    A return of merchandise to the vendor results in a
    credit to purchases returns and allowances
    debit to purchases returns and allowances
    debit to purchases
    credit to purchases
    30s
  • Q13
    The purchase of supplies on account results in a
    credit to AP and the vendor's AP account
    debit to AP and the vender AP account
    credit to AP
    Debit to AP
    30s
  • Q14
    A customer notifiies the vendor that purchsed merchandis is damaged and cannot be sold at the normal price. Any credit granted to the customer would be called a
    sales alloance
    sales return
    purchases allowance
    none of these
    30s
  • Q15
    A correction of a transaction posted to the wrong customer account results in
    none of these
    a cr to AP
    dr to AP
    a dr and a cr to AP
    30s

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