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Accounting Chapter 10 Review
Test Description: Chapter 10 Journalizing sales and cash receipts using special journals
Instructions: Answer all questions to get your test result.
1) What special journal is used for the transaction "sold merchandise on account"
A
general journal
B
cash payments journal
C
cash receipts journal
D
sales journal
2) What special journal is used for the transaction "recorded cash and credit card sales"
A
cash receipts journal
B
cash payments journal
C
general journal
D
sales journal
3) Sales Returns and Allowances is
A
a revenue account.
B
a contra expense account.
C
an expense account.
D
a contra revenue account.
4) Recording revenue from trnasactions at the time goods or services are sold is an applicatin of the accounting concept
A
objective evidence.
B
maching expenses with revenue.
C
realization of revenue.
D
business entity.
5) Credit terms of 2/10, n/30 means that if the account is paid in
A
10 days, a 30% discount will be allowed.
B
2 days, a 10% discount will be allowed.
C
30 days a 2% discount will be allowed.
D
10 days, a 2% discount will be allowed.
6) For a sale on account of $1000, with sales tax of $80, the amount recorded in the Accounts Receivable amount column of a sales journal is
A
$920.00
B
$1000.00
C
$1080.00
D
$80.00
7) A report of credit card sales produced by a point-of-sale terminal is called a
A
batch report.
B
summary report.
C
receipt report.
D
terminal report.
8) Credit allowed to a customer for part of the sales price of merchandise that is not returned is called
A
credit allowance.
B
credit return.
C
sales allowance.
D
sales return.
9) The amount of sales tax collected is
A
an asset of the business.
B
increases the amount of revenue account.
C
is a liability of the business.
D
decreases the amount of revenue account.
10) Sales tax payable
A
does not have a normal balance.
B
has a normal debit balance.
C
has a normal credit balance.
D
can have a debit or credit normal balance.
*select an answer for all questions
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