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Accounting I Chapter 9
Test Description: Chapter Review
Instructions: Answer all questions to get your test result.
1) What is the classification of Purchases?
A
Asset
B
Revenue
C
Stockholders' Equity
D
Cost of Merchandise
2) What is the classification of Purchases Discount?
A
Cost of Merchandise
B
Revenue
C
Asset
D
Stockholders' Equity
3) What is the classification of Purchases Returns and Allowances?
A
Revenue
B
Asset
C
Cost of Merchandise
D
Stockholders' Equity
4) What is the normal balance of Purchases?
A
Credit
B
Debit
5) What is the normal balance of Purchases Discount?
A
Credit
B
Debit
6) What is the normal balance of Purchases Returns and Allowances?
A
Credit
B
Debit
7) Trade Discounts normally are recorded in the purchases discount account.
A
True
B
False
8) Purchases Returns and Allowances is a contra account to Cost of Merchandise.
A
True
B
False
9) Supplies bought for use in a business are recorded in the
A
Cash account
B
Purchases account
C
Supplies Expense account
D
Supplies account
10) Since contra accounts are offsets (minuses) to their related accounts, contra account normal balances are
A
the same as the normal balances of their related accounts
B
debits
C
credits
D
opposite the normal balances of their related accounts
11) Merchandise with a list price of $1,000.00 is purchases on account for $800.00 on December 1. Terms of sale are 2/10, n/30. Payment is made on December 17. The amount paid should be
A
$784.00
B
$980.00
C
$800.00
D
$1,000.00
12) A corporation can incur liabilities and own property.
A
False
B
True
13) All purchase transactions, include purchases made on account and purchases for cash, are recorded in the purchases journal.
A
True
B
False
14) When supplies are purchased on account for the use in the business, the amount in recorded in the purchases journal.
A
False
B
True
15) Petty Cash is classified as
A
Cost of Merchandise
B
Revenue
C
Current Asset
D
Stockholders' Equity
16) Cash Short and Over, when having a debit balance, is classified as
A
Operating Expenses
B
Other Expenses
C
Other Revenue
D
Operating Expenses
17) Cash Short and Over, when having a credit balance, is classified as
A
Other Revenue
B
Other Expenses
C
Operating Expenses
D
Operating Revenue
18) The petty cash account Cash Short and Over is a permanent account.
A
False
B
True
19) The cash discount taken when a customer pays early is called
A
Terms of Sale
B
Markdown
C
Purchases Discount
D
Trade Discount
20) A reduction in the list price granted to customers.
A
Cash Discount
B
Trade Discount
C
Purchases Discount
D
Vendor Discount
*select an answer for all questions
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