Accounting 2nd 9-Weeks Part 4 Question Preview (ID: 7901)


Accounting 2nd 9-Weeks Part 4. TEACHERS: click here for quick copy question ID numbers.

A business receives ___________ when it keeps unsatisfactory merchandise but pays less than its original price.
a) Purchase Return
b) Purchase Allowance
c) Sales Return
d) Sales Allowance

Used to record a specific kind of business transaction
a) General Journal
b) General Ledger
c) Special Journal
d) Special Ledger

A special journal in which all transactions involving incoming cash are recorded
a) Sales Journal
b) Cash Payments Journal
c) Purchases Journal
d) Cash Receipts Journal

A special journal use to record only the sale of merchandise on account
a) Cash Payments Journal
b) Sales Journal
c) Cash Receipts Journal
d) Purchases Journal

The debit and credit columns of the Trial Balance section of the work sheet must
a) not equal
b) be adjusted
c) be closed
d) equal

Affects one temporary account and one permanent account
a) Closing entry
b) Adjustments
c) Purchase returns
d) Sales returns

What are two stockholder's equity accounts?
a) Owner's equity and Capital Stock
b) Capital Stock and Stockholder's Equity
c) Stockholder's Equity and Retained Earnings
d) Retained Earnings and Capital Stock

The ownership of a corporation is represented by shares of
a) stock
b) inventory
c) assets
d) owner's equity

Sarah earns $10 per hour. On week, she worked 45 hours. Her gross earnings were
a) 400
b) 450
c) 475
d) 500

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 11
b) August 13
c) August 31
d) September 1

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