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