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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 Allowance
B
Sales Return
C
Purchase Return
D
Sales 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
Purchases Journal
B
Cash Payments Journal
C
Cash Receipts Journal
D
Sales Journal
4) A special journal use to record only the sale of merchandise on account
A
Cash Receipts Journal
B
Sales Journal
C
Cash Payments Journal
D
Purchases Journal
5) The debit and credit columns of the Trial Balance section of the work sheet must
A
be adjusted
B
not equal
C
be closed
D
equal
6) Affects one temporary account and one permanent account
A
Closing entry
B
Sales returns
C
Adjustments
D
Purchase returns
7) What are two stockholder's equity accounts?
A
Stockholder's Equity and Retained Earnings
B
Retained Earnings and Capital Stock
C
Owner's equity and Capital Stock
D
Capital Stock and Stockholder's Equity
8) The ownership of a corporation is represented by shares of
A
assets
B
stock
C
owner's equity
D
inventory
9) Sarah earns $10 per hour. On week, she worked 45 hours. Her gross earnings were
A
500
B
400
C
450
D
475
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 11
B
August 31
C
August 13
D
September 1
*select an answer for all questions
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