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Accounting Chapter 9
Test Description: Chapter 9 review game questions.
Instructions: Answer all questions to get your test result.
1) The purchases account is classified as
A
an expense account.
B
a liability account.
C
a cost account.
D
an asset account.
2) Purchases returns and allowances
A
increase the amount of purchases.
B
decrease the amount of purchases.
C
do not affect the amount of purchases.
D
affect the cash flow of a business.
3) The terms 2/10, n/30 is read as
A
"two ten, net thirty"
B
"two terms, net thirty"
C
"two tenths, n thirds"
D
"two tens, n over thirty"
4) A trade discount is
A
a deduction from the invoice amount.
B
a discount for paying early.
C
the amount the customer is expected to pay.
D
a reduction in the list price granted to customers.
5) Since contra accounts are offsets to their related accounts, contra accounts normal balances are
A
debits.
B
the same as the normal balances of their related accounts.
C
opposite the normal balances of their related accounts.
D
credits.
6) What account is used to help reconcile a petty cash account?
A
Purchases.
B
Misc. Expenses.
C
Cash Short and Over
D
Cash.
7) If merchandise is purchased for $1000 on July 1, with terms of 2/10, n/30, what is the amount due on July 9th?
A
$20
B
$980
C
$200
D
$1000
8) The source document for a cash purchase is
A
a receipt.
B
an invoice.
C
a check.
D
a memorandum.
9) Supplies bought for use in a business are recorded in the
A
supplies expense account.
B
cash account.
C
purchases account.
D
supplies account.
10) The balance of Cash Short and Over
A
is a credit.
B
is contra to the cash account.
C
can be either a debit or a credit.
D
is a debit.
*select an answer for all questions
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