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Chapter 10 Quiz

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1.
1 point
The process of preparing a batch report of credit card sales from a POS terminal is
2.
1 point
A special journal used to record only sales of merchandise on account.
3.
1 point
All sales of merchandise are recorded in the sales journal.
4.
1 point
Even though a company offers a sales discount, the customer is invoiced for the full sales amount plus sales tax on that amount.
5.
1 point
Sales Returns and Allowances is what kind of account?
6.
1 point
When merchandise is sold on account and sales tax is also collected
7.
1 point
Point-of-sale terminals use UPC symbols to obtain the description and price of merchandise sold.
8.
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 is
9.
1 point
Purchases and sales of merchandise are two major activities of a merchandising business.
10.
1 point
A sale in which a credit card is used for the total amount of the sale at the time of the transaction is
11.
1 point
Cash is proved when the total of the Cash debit column of a cash receipts journal equals the next unused check stub.
12.
1 point
The amount of cash received for a sale on account of $1,000 plus sales tax of $80 when the cash is received within the 2 percent discount period is
13.
1 point
The amount of sales tax collected is an asset of the business until paid to the state government.
14.
1 point
A report that summarizes the cash and credit card sales of a POS terminal.
15.
1 point
For weekly cash and credit card sales, the asset account Cash is debited for the total of sales and sales tax, but the revenue account Sales is credited only for the total sales.
16.
1 point
A form prepared by the vendor showing the amount deducted for returns and allowances.
17.
1 point
Sales invoices should be
18.
1 point
Regardless of when merchandise is sold, revenue should be recorded when cash is received.
19.
1 point
Credit terms of 2/10, n/30 mean????
20.
1 point
A special journal used to record only cash receipt transactions.
21.
1 point
The amount of sales tax on a sale is calculated as the price of goods
22.
1 point
A computer used to collect, store, and report all the tinformation of a sales transaction.
23.
1 point
Using a terminal summary as a source document for weekly cash and credit card sales is an application of the accounting concept
24.
1 point
Because Sales Discount is a contra account to Sales, it has a normal credit balance.
25.
1 point
Recording revenue from transactions at the time goods or services are sold is an application of the accounting concept
26.
1 point
A report of credit card sales produced by a POS terminal.
27.
1 point
When cash is proved, it must always equal the amount on the next unused check stub.
28.
1 point
When cash is received for a sale on account within the discount period, the amount credited to A/R is reduced by the amount of discount.
29.
1 point
When a customer is granted credit for merchandise returned, Accounts Receivable is debited.
30.
1 point
A cash discount on sales taken by a customer.
31.
1 point
Sales discounts are recorded in a
32.
1 point
For a sale on account of $1000 plus sale tax of $80, the amount recorded in the A/R column of a sales journal is?
33.
1 point
Sales for cash and credit cards are recorded as a single cash sale transaction.
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