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CH 9 Review

Quiz by Karma Yantzie

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17 questions
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  • Q1
    A transaction to record merchandise purchased with a trade discount would include______.
    a debit to Merchandise Discount.
    a credit to Purchases Discount
    a debit to Purchases Discount
    a credit to Merchandise Discount
  • Q2
    The petty cash account Cash Short and Over is a ______.
    temporary account
    permanent account
    none of the above
  • Q3
    A corporation can _____.
    own property
    enter into contracts in its own name
    incur liabilities
    all of the above
  • Q4
    A corporation exists independent of its owners.
  • Q5
    The 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.
  • Q6
    The total of accounts in the accounts payable subsidiary ledger does not need to equals the balance of the controlling account, Accounts Payable.
  • Q7
    The contra account Purchases Discount has a normal _____ balance.
  • Q8
    A merchandising business places Purchases in the _________ section of the income statement.
    Operating Revenue
    None of the above
    Operating Expenses
    Cost of Goods Sold
  • Q9
    The periodic inventory method does not require records of the quantity and cost of individual goods.
  • Q10
    A 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.
  • Q11
    Merchandise 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____.
  • Q12
    The Purchases account is classified as a(n)____.
    expense account.
    cost of goods sold account.
    liability account.
    asset account.
  • Q13
    A 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.
  • Q14
    Supplies bought for use in a business are recorded in the____.
    Supplies Expense account.
    Purchases account.
    Cash account.
    Supplies account.
  • Q15
    An 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.

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