CH 9 Review
Quiz by Karma Yantzie
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17 questions
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- Q1A transaction to record merchandise purchased with a trade discount would include______.a debit to Merchandise Discount.a credit to Purchases Discounta debit to Purchases Discounta credit to Merchandise Discount30s
- Q2The petty cash account Cash Short and Over is a ______.temporary accountpermanent accountnone of the above30s
- Q3A corporation can _____.own propertyenter into contracts in its own nameincur liabilitiesall of the above30s
- Q4A corporation exists independent of its owners.TrueFalse30s
- Q5The terms of sale 1/10, n/30 means ______.that 1/10 or 1% of the invoice amount may be deducted if paid within 10 days.that 1/10 or 10% of the invoice amount may be deducted if paid within 10 days.that 1/10 or 10% of the invoice amount may be deducted if paid within 30 days.that 1/10 or 1% of the invoice amount may be deducted if paid within 30 days.30s
- Q6The total of accounts in the accounts payable subsidiary ledger does not need to equals the balance of the controlling account, Accounts Payable.FalseTrue30s
- Q7The contra account Purchases Discount has a normal _____ balance.creditdebit30s
- Q8A merchandising business places Purchases in the _________ section of the income statement.Operating RevenueNone of the aboveOperating ExpensesCost of Goods Sold30s
- Q9The periodic inventory method does not require records of the quantity and cost of individual goods.TrueFalse30s
- Q10A purchase of merchandise for cash would be posted____.individually to Purchases and individually to Accounts Payable.as part of a column total to Purchases.as part of column totals to Purchases and Accounts Payable.individually to Purchases.30s
- Q11Merchandise with a list price of $1,900.00 is purchased on account for $1,000.00 on August 1.Terms of sale are 2/10, n/30. Payment is made on August 17. The amount paid should be____.$980.00.$900.00.$1000.00.$1,900.00.30s
- Q12The Purchases account is classified as a(n)____.expense account.cost of goods sold account.liability account.asset account.30s
- Q13A periodic inventory conducted by counting, weighing, or measuring items of merchandise on hand is called a(n)___.perpetual inventory.audit verification.inventory certification.physical inventory.30s
- Q14Supplies bought for use in a business are recorded in the____.Supplies Expense account.Purchases account.Cash account.Supplies account.30s
- Q15An employee working with an account can trace a transaction back to the correct journal by using information in the____.Purch. No. column.Post. Ref. column.Vendor column.Item column.30s