Accounting Chapter 9: Question Preview (ID: 5727)

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The purchases account is classified as
a) an expense account. b) an asset account. c) a liability account. d) a cost account.
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.
The terms 2/10, n/30 is read as
a) "two terms, net thirty" b) "two tens, n over thirty" c) "two tenths, n thirds" d) "two ten, net thirty"
A trade discount is
a) a reduction in the list price granted to customers. b) a deduction from the invoice amount. c) the amount the customer is expected to pay. d) a discount for paying early.
Since contra accounts are offsets to their related accounts, contra accounts normal balances are
a) debits. b) credits. c) opposite the normal balances of their related accounts. d) the same as the normal balances of their related accounts.
What account is used to help reconcile a petty cash account?
a) Cash. b) Cash Short and Over c) Purchases. d) Misc. Expenses.
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) $1000 b) $200 c) $980 d) $20
The source document for a cash purchase is
a) a memorandum. b) an invoice. c) a receipt. d) a check.
Supplies bought for use in a business are recorded in the
a) supplies expense account. b) purchases account. c) supplies account. d) cash account.
The balance of Cash Short and Over
a) is a debit. b) is a credit. c) can be either a debit or a credit. d) is contra to the cash account.
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