Accounting I Chapter 9: Question Preview (ID: 22387)


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Cash Short and Over, when having a credit balance, is classified as
a) Other Revenue b) Operating Revenue c) Other Expenses d) Operating Expenses
Cash Short and Over, when having a debit balance, is classified as
a) Other Expenses b) Operating Expenses c) Operating Expenses d) Other Revenue
Petty Cash is classified as
a) Current Asset b) Revenue c) Stockholders' Equity d) Cost of Merchandise
When supplies are purchased on account for the use in the business, the amount in recorded in the purchases journal.
a) False b) True c) d)
All purchase transactions, include purchases made on account and purchases for cash, are recorded in the purchases journal.
a) False b) True c) d)
A corporation can incur liabilities and own property.
a) True b) False c) d)
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) $800.00 b) $1,000.00 c) $980.00 d) $784.00
Since contra accounts are offsets (minuses) to their related accounts, contra account normal balances are
a) opposite the normal balances of their related accounts b) the same as the normal balances of their related accounts c) debits d) credits
Supplies bought for use in a business are recorded in the
a) Supplies account b) Supplies Expense account c) Purchases account d) Cash account
Purchases Returns and Allowances is a contra account to Cost of Merchandise.
a) False b) True c) d)
Trade Discounts normally are recorded in the purchases discount account.
a) False b) True c) d)
What is the normal balance of Purchases Discount?
a) Credit b) Debit c) d)
What is the normal balance of Purchases Returns and Allowances?
a) Credit b) Debit c) d)
What is the normal balance of Purchases?
a) Debit b) Credit c) d)
What is the classification of Purchases Returns and Allowances?
a) Cost of Merchandise b) Asset c) Stockholders' Equity d) Revenue
What is the classification of Purchases Discount?
a) Cost of Merchandise b) Asset c) Stockholders' Equity d) Revenue
What is the classification of Purchases?
a) Cost of Merchandise b) Asset c) Stockholders' Equity d) Revenue
The petty cash account Cash Short and Over is a permanent account.
a) False b) True c) d)
The cash discount taken when a customer pays early is called
a) Purchases Discount b) Trade Discount c) Markdown d) Terms of Sale
A reduction in the list price granted to customers.
a) Trade Discount b) Cash Discount c) Purchases Discount d) Vendor Discount
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