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Accounting 2nd 9-Weeks Part 4
Test Description: Accounting 2nd 9-Weeks Part 4
Instructions: Answer all questions to get your test result.
1) A business receives ___________ when it keeps unsatisfactory merchandise but pays less than its original price.
A
Purchase Return
B
Sales Allowance
C
Sales Return
D
Purchase Allowance
2) Used to record a specific kind of business transaction
A
General Ledger
B
Special Journal
C
Special Ledger
D
General Journal
3) A special journal in which all transactions involving incoming cash are recorded
A
Sales Journal
B
Cash Payments Journal
C
Cash Receipts Journal
D
Purchases Journal
4) A special journal use to record only the sale of merchandise on account
A
Sales Journal
B
Cash Payments Journal
C
Purchases Journal
D
Cash Receipts Journal
5) The debit and credit columns of the Trial Balance section of the work sheet must
A
be closed
B
equal
C
not equal
D
be adjusted
6) Affects one temporary account and one permanent account
A
Adjustments
B
Sales returns
C
Closing entry
D
Purchase returns
7) What are two stockholder's equity accounts?
A
Capital Stock and Stockholder's Equity
B
Stockholder's Equity and Retained Earnings
C
Owner's equity and Capital Stock
D
Retained Earnings and Capital Stock
8) The ownership of a corporation is represented by shares of
A
owner's equity
B
inventory
C
stock
D
assets
9) Sarah earns $10 per hour. On week, she worked 45 hours. Her gross earnings were
A
475
B
450
C
400
D
500
10) If the date of an invoice is August 1, the credit terms are 2/10, n/30, and the invoice was received on August 3, the last day the discount can be taken is
A
August 13
B
August 31
C
August 11
D
September 1
*select an answer for all questions
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