Accounting 2nd 9-Weeks Part 3 Question Preview (ID: 7898)


Accounting 2nd 9-Weeks Part 3. TEACHERS: click here for quick copy question ID numbers.

The balance of __________ must agree with the balances of all accounts in its related subsidiary ledger.
a) permanent accounts
b) temporary accounts
c) sales account
d) controlling account

Items of merchandise a business has in stock
a) Sales
b) Inventory
c) Purchases
d) Adjustments

Business that buys goods and then sells those goods to customers for a profit.
a) Service Business
b) Manufacturing Business
c) Merchandise Business
d) Wholesaler

Shipping terms specifying that the buyer pays the shipping charge from the supplier's shipping location.
a) FOB destination
b) FOB shipping point
c) Transportation In
d) Transportation Out

Date on which an invoice must be paid
a) Invoice Date
b) Discount Period
c) Due Date
d) Grace Period

The cost of shipping charges is debited to the __________ account.
a) Sales
b) Sales Discounts
c) Transporation In
d) Transportation Out

Document that lists the credit terms and the quantity, description, unit price, and total cost of the items shipped to the buyer.
a) Invoice
b) Purchase Requistion
c) Purchase Order
d) Packing Slip

The period of time within which an invoice must be paid in order to receive an amount off the invoice price.
a) Grace Period
b) Discount Period
c) Due Date
d) Invoice Date

Shipping terms specifying that the supplier pays the shipping cost to the buyer's location.
a) FOB shipping point
b) FOB destination
c) Transportation In
d) Transportation Out

Merchandise returned by the buyer to the supplier for full credit.
a) Purchase Allowance
b) Purchase Return
c) Sales Return
d) Sales Allowance

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