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Accounting I Chapter 10 Review
Test Description: Test Review
Instructions: Answer all questions to get your test result.
1) Sales Returns and Allowances is classified as
A
a contra expense account
B
a contra revenue account
C
a revenue account
D
a contra cost account
2) The amount of cash received for a sale on account of $500 plus sales tax of $25 when the cash received within the 2 percent discount period is
A
$514.50
B
$490
C
$500
D
$525
3) Recording revenue from transactions at the time goods or services are sold is an application of the accounting concept
A
Realization of Revenue
B
Matching Expenses with Revenue
C
Business Entity
D
Objective Evidence
4) Prior to paying sales tax to the state, what is the sales tax amount classified as?
A
Asset
B
Expense
C
Liability
D
Revenue
5) Sales Discount is classified as
A
a contra cost account
B
a revenue account
C
a contra expense account
D
a contra revenue account
6) The normal balance for Sales Discount is
A
Credit
B
Debit
7) The normal balance for Sales Returns and Allowances is
A
Debit
B
Credit
8) The normal balance for Sales Tax Payable is
A
Debit
B
Credit
9) Sales Tax Payable is classified as
A
a contra cost account
B
a liability account
C
a contra revenue account
D
a revenue account
10) When cash is received for a sale on account within the discount period, the amount credited to Accounts Receivable is reduced by the amount of discount.
A
True
B
False
11) Using a terminal summary as a source document for weekly cash and credit card sales is an application of the accounting concept
A
Realization of Revenue
B
Business Entity
C
Matching Expenses with Revenue
D
Objective Evidence
12) Cash is proved when the Cash Debit Total from the cash receipts journal equals the next unused check stub.
A
False
B
True
13) The Sales Discount account decreases Sales.
A
True
B
False
14) The report that summarizes the cash and credit card sales of a point-of-sale terminal is called what?
A
Batch Report
B
Terminal Summary
C
Batching Out
D
Point-of-Sale Summary
15) A report of credit card sales produced by a point-of-sale terminal is called what?
A
Batch Report
B
Batching Out
C
Point-of-Sale Summary
D
Terminal Summary
16) A form prepared by the vendor showing the amount deducted for returns and allowances is called what?
A
Credit Memorandum
B
Debit Memorandum
C
Terminal Summary
D
Memorandum
*select an answer for all questions
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