Testmoz
Home
Features
Pricing
FAQs
Build a Test
Login/Sign Up

Accounting IB 3rd Period

Is this your test? Login to manage it. If not, you can develop an assessment just like it.

This is a non-interactive preview of the quiz content.

1.
1 point
A deduction that a vendor allows on the invoice amount to encourage prompt payment.
2.
1 point
A cash discount on purchases taken by a customer.
3.
1 point
When several journals are used, an abbreviation is used in the Post. Ref. column of a ledger to show the journal from which the posting is made.
4.
1 point
An organization with the legal rights of a person and which may be owned by many persons.
5.
1 point
Each unit of ownership in a corporation.
6.
1 point
When purchases are recorded at their cost, including any related shipping costs and taxes, the Historical Cost accounting concept is being applied.
7.
1 point
There are basically three types of corporations in the business world. One type is called a Limited Liability Company. Another type of corporation is the
8.
1 point
If the actual petty cash on hand is $55.00, but, the records show that $53.00 should be on hand, the petty cash fund is said to be over.
9.
1 point
The terms of sale 2/10, n/30 mean that the customer may deduct 2% of the invoice amount if payment is made within 10 days of the invoice date.
10.
1 point
Purchases Returns and Allowances is a contra account to Purchases.
11.
1 point
A form prepared by the customer showing the price deduction taken by the customer for returns and allowances.
12.
1 point
Purchases Discount is increased by a credit entry.
13.
1 point
Trade discounts normally are recorded in the purchases discount account.
14.
1 point
Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's accounts payable.
15.
1 point
An invoice used as a source document for recording a purchase on account transaction.
16.
1 point
The purchases account is increased by a credit and decreased by a debit.
17.
1 point
A journal used to record only one kind of transaction.
18.
1 point
A merchandising business that sells to those who use or consume the goods.
19.
1 point
There are basically three types of organizations in the business world. One type is the Limited Liability Company. Another type of corporation is called a
20.
1 point
Total shares of ownership in a corporation.
Home Features Pricing FAQs Legal Sample Tests Build a Test Login/Sign Up