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Accounting I - Chapter 10

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1.
1 point
A computer used to collect, store, and report all the information of a sales transaction.
2.
1 point
A special journal used to record only cash receipt transactions.
3.
1 point
The amount of sales tax collected is an asset of the business until paid to the state government.
4.
1 point
Point-of-sale terminals use UPC symbols to obtain the description and price of merchandise sold.
5.
1 point
The report that summarizes the cash and credit card sales of a point-of-sale terminal.
6.
1 point
A form prepared by the vendor showing the amount deducted for returns and allowances.
7.
1 point
Regardless of when merchandise is sold, revenue should be recorded when cash is received.
8.
1 point
Sales Returns and Allowances is a
9.
1 point
When a customer is granted credit for merchandise returned, Accounts Receivable is debited.
10.
1 point
Because Sales Discount is a contra account to Sales, it has a normal credit balance.
11.
1 point
A terminal summary reports total cash and credit card sales of a point-of-sale terminal.
12.
1 point
A cash discount on sales taken by a customer.
13.
1 point
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.
14.
1 point
Cash is proved when the total of the Cash Debit column of a cash receipts journal equals the next unused check stub.
15.
1 point
A sale in which a credit card is used for the total amount of the sale at the time of the transaction.
16.
1 point
The process of preparing a batch report of credit card sales from a point-of-sale terminal.
17.
1 point
Purchases and sales of merchandise are the two major activities of a merchandising business.
18.
1 point
A report of credit card sales produced by a point-of-sale terminal.
19.
1 point
A special journal used to record only sales of merchandise on account.
20.
1 point
The amount of sales tax on a sale is calculated as the price of goods
21.
1 point
Credit allowed a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the vendor's accounts receivable.
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