Chapter 11 Review: Question Preview (ID: 1360)


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Sold merchandise on account to Jane Smith.
a) Debit Purchases; Credit Cash b) Debit Sales; Credit Account Receivable c) Debit Accounts Payable; Credit Sales and Sales Tax Payable d) Debit Accounts Receivable; Credit Sales and Sales Tax Payable
Recorded cash and credit card sales for the week.
a) Debit Accounts Receivable; Credit Sales and Sales Tax Payable b) Debit Cash; Credit Sales and Sales Tax Payable c) Debit Accounts Payable; Credit Sales and Sales Tax Payable d) Debit Purchases; Credit Sales and Sales Tax Payable
Received cash on account from Jane Smith
a) Debit Cash, Credit Accounts Receivable b) Debit Purchases; Credit Cash c) Debit Accounts Payable; Credit Cash d) Debit Sales, Credit Accounts Receivable
A person or business to whom merchandise or services are sold is a (an)
a) vendor b) creditor c) payee d) customer
A tax on a sale of merchandise or services is called
a) franchise tax b) sales tax c) unemployment tax d) income tax
A sale in which cash is received for the total amount of the sale at the time of the transaction
a) credit card sale b) customer sale c) transaction sale d) cash sale
A sale in which a credit card is used for the total amount of the sale at the time of the transaction
a) credit card sale b) customer sale c) transaction sale d) cash sale
The concept that states that revenue is recorded at the time of a sale, not on the date cash is received is
a) Going Concern b) Adequate Disclosure c) Realization of Revenue d) Matching Expenses with Revenue
Using a cash register tape as evidence that the transaction occurred is the concept
a) Objective Evidence b) Historical Cost c) Going Concern d) Adequate Disclosure
The concept that states that the actual amount paid for the merchandise is recorded
a) Objective Evidence b) Historical Cost c) Adequate Disclosure d) Consistent Reporting
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