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Accounting 2nd 9-Weeks Part 3
Test Description: Accounting 2nd 9-Weeks Part 3
Instructions: Answer all questions to get your test result.
1) The balance of __________ must agree with the balances of all accounts in its related subsidiary ledger.
A
temporary accounts
B
controlling account
C
sales account
D
permanent accounts
2) Items of merchandise a business has in stock
A
Inventory
B
Adjustments
C
Purchases
D
Sales
3) Business that buys goods and then sells those goods to customers for a profit.
A
Wholesaler
B
Merchandise Business
C
Manufacturing Business
D
Service Business
4) Shipping terms specifying that the buyer pays the shipping charge from the supplier's shipping location.
A
Transportation In
B
FOB shipping point
C
Transportation Out
D
FOB destination
5) Date on which an invoice must be paid
A
Invoice Date
B
Grace Period
C
Discount Period
D
Due Date
6) The cost of shipping charges is debited to the __________ account.
A
Transporation In
B
Sales Discounts
C
Sales
D
Transportation Out
7) Document that lists the credit terms and the quantity, description, unit price, and total cost of the items shipped to the buyer.
A
Packing Slip
B
Purchase Requistion
C
Invoice
D
Purchase Order
8) The period of time within which an invoice must be paid in order to receive an amount off the invoice price.
A
Due Date
B
Invoice Date
C
Discount Period
D
Grace Period
9) Shipping terms specifying that the supplier pays the shipping cost to the buyer's location.
A
Transportation Out
B
FOB shipping point
C
FOB destination
D
Transportation In
10) Merchandise returned by the buyer to the supplier for full credit.
A
Sales Allowance
B
Purchase Allowance
C
Purchase Return
D
Sales Return
*select an answer for all questions
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