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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
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.
5.
1 point
A form prepared by the vendor showing the amount deducted for returns and allowances.
6.
1 point
All sales merchandise are recorded in a sales journal.
7.
1 point
Because Sales Discount is a contra account to Sales, it has a normal credit balance.
8.
1 point
Regardless of when merchandise is sold, revenue should be recorded when cash is received.
9.
1 point
A special journal used to record only sales of merchandise on account.
10.
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.
11.
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 of sales.
12.
1 point
When cash is proved, it must always equal the amount on the next unused check stub.
13.
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.
14.
1 point
The report that summarizes the cash and credit card sales of a point-of-sale terminal.
15.
1 point
Sales for cash and credit cards are recorded as a single cash sales transaction.
16.
1 point
The process of preparing a batch report of credit card sales from a point-of-sales terminal.
17.
1 point
A report of credit card sales produced by a point-of-sale terminal.
18.
1 point
A sale in which a credit card is used for the total amount of the sale at the time of the transaction.
19.
1 point
A cash discount on sales taken by a customer.
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