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Chapter 11 Review
Test Description: Review for Chapter 11
Instructions: Answer all questions to get your test result.
1) Sold merchandise on account to Jane Smith.
A
Debit Sales; Credit Account Receivable
B
Debit Accounts Receivable; Credit Sales and Sales Tax Payable
C
Debit Purchases; Credit Cash
D
Debit Accounts Payable; Credit Sales and Sales Tax Payable
2) Recorded cash and credit card sales for the week.
A
Debit Purchases; Credit Sales and Sales Tax Payable
B
Debit Accounts Payable; Credit Sales and Sales Tax Payable
C
Debit Cash; Credit Sales and Sales Tax Payable
D
Debit Accounts Receivable; Credit Sales and Sales Tax Payable
3) Received cash on account from Jane Smith
A
Debit Sales, Credit Accounts Receivable
B
Debit Accounts Payable; Credit Cash
C
Debit Cash, Credit Accounts Receivable
D
Debit Purchases; Credit Cash
4) A person or business to whom merchandise or services are sold is a (an)
A
vendor
B
creditor
C
payee
D
customer
5) A tax on a sale of merchandise or services is called
A
income tax
B
sales tax
C
franchise tax
D
unemployment tax
6) A sale in which cash is received for the total amount of the sale at the time of the transaction
A
customer sale
B
cash sale
C
transaction sale
D
credit card sale
7) A sale in which a credit card is used for the total amount of the sale at the time of the transaction
A
transaction sale
B
credit card sale
C
cash sale
D
customer sale
8) 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
Realization of Revenue
C
Adequate Disclosure
D
Matching Expenses with Revenue
9) Using a cash register tape as evidence that the transaction occurred is the concept
A
Going Concern
B
Objective Evidence
C
Historical Cost
D
Adequate Disclosure
10) The concept that states that the actual amount paid for the merchandise is recorded
A
Consistent Reporting
B
Adequate Disclosure
C
Historical Cost
D
Objective Evidence
*select an answer for all questions
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