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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
sales account
B
permanent accounts
C
controlling account
D
temporary accounts
2) Items of merchandise a business has in stock
A
Inventory
B
Sales
C
Adjustments
D
Purchases
3) Business that buys goods and then sells those goods to customers for a profit.
A
Manufacturing Business
B
Service Business
C
Wholesaler
D
Merchandise Business
4) Shipping terms specifying that the buyer pays the shipping charge from the supplier's shipping location.
A
FOB shipping point
B
Transportation In
C
Transportation Out
D
FOB destination
5) Date on which an invoice must be paid
A
Grace Period
B
Discount Period
C
Due Date
D
Invoice Date
6) The cost of shipping charges is debited to the __________ account.
A
Transportation Out
B
Sales
C
Sales Discounts
D
Transporation In
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
Purchase Order
D
Invoice
8) The period of time within which an invoice must be paid in order to receive an amount off the invoice price.
A
Invoice Date
B
Due Date
C
Discount Period
D
Grace Period
9) Shipping terms specifying that the supplier pays the shipping cost to the buyer's location.
A
FOB destination
B
Transportation In
C
Transportation Out
D
FOB shipping point
10) Merchandise returned by the buyer to the supplier for full credit.
A
Purchase Return
B
Purchase Allowance
C
Sales Return
D
Sales Allowance
*select an answer for all questions
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