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Chapter 9 Financial Accounting Flashcards | StudBud
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Chapter 9 Financial Accounting
Chapter 9 Financial Accounting
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Review for chapter 9 test.
Flashcards
56 cards
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Practice quiz
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Questions
56
Answers
1
The image below is an example of what journal?
General Journal
Cash Payments Journal
Petty Cash Journal
Purchase Journal
2
The image below is an example of what source document?
Debit Memorandum
Purchase Invoice
Purchase Journal
Memorandum
3
When we purchase merchandise ON ACCOUNT, our Account Credited is what?
The Company's Name (Accts Payable)
Merchandise
Purchases
Accounts Recievable
4
The retail price listed in a catalog or in any posted area is called a...
Purchase Discount
List Price
Terms of Sale
Trade Discount
5
When we start a new page on a journal we do what with the totals?
Carry Forward
Rule and Total
Total
Bring Forward
6
Our invoice amount due is $5,000. Our terms are 3/5, n/15. We pay on day 6, much do we pay?
5150
4750
150
5000
7
Do we total the Cash Payments Journal at the end of the month?
Yes
No
8
A business that purchases and sells goods is called a...
Wholesale Merchandising Business
Business
Vendor
Merchandising Business
9
When we are about to add all the amounts what do we do?
Single Rule
No Rule
Double Rule
10
A transaction in which the merchandise purchased is to be paid for later is called...
On Account
Accounts Payable
Accounts Recievable
Purchase on Account
11
If I am a business that is buying goods from a company so I can sell them to consumers...I am?
Wholesale Merchandising Business
Business
Vendor
Retail Merchandising Business
12
According the the Petty Cash Report below, do we have a Cash Short or Cash Over?
Cash Short
Cash Over
13
I purchased a product for $10, but I am going to sell it for $15. How much is my mark-up?
10%
50%
20%
40%
14
At the end of the Purchase Journal, do we Total each column at the end of the month?
Yes
No
15
A petty cash on hand amount that is MORE than recorded amount is called...
Cash Short
Cash Over
Cash Discount
Trade Discount
16
The image below is an example of what?
Purchase Journal
Purchased Merchandise On Account
Paid Crown Distributing for Invoice
Purchased Merchandise
17
The image below is an example of what?
Replenishing the Cash Report
Replenishing the Petty Cash Report
Replenishing the Business Report
Replenishing the Vendor Report
18
A reduction in the list price granted to customers (not recorded) is called...
Purchase Discount
Cash Discount
Trade Discount
Discount
19
The following image is considered what?
Journal
Cash Journal
Petty Cash Journal
Purchase Journal
20
An invoice uses as a source document for recording a purchase on account transaction is called?
Purchase Invoice
Cash Invoice
Credit Invoice
Debit Invoice
21
The image below is an example of what source document?
Debit Memorandum
Purchase Invoice
Memorandum
Purchase Journal
22
The price a business pays for goods it purchases to sell is called...
Purchase Discount
Cost of Merchdandise
Markup
Merchandise
23
Credit allowed for the purchase price of returned merchandise is called?
Purchases Discount
Purchase Invoice
Purchase Allowances
Purchase Returns
24
Each unit of ownership in a corporation is called...
Share of Stock
Share of Ownership
Unit Stock
Stock
25
When our Cash Payments Journal is full and we have to go to a new journal we do what?
Carry Forward the Totals
Do Nothing
Bring Forward the Totals
Just Total the Columns
26
Invoice amount is $1,000. Our terms were 2/10, n/30. We pay on day 9. How much do we pay?
$20
$980
$100
$1,000
27
According to the Petty Cash Report below, do we have a Cash Short or Cash Over?
Cash Over
Cash Short
28
When we purchase merchandise, our account credited is what?
Purchases
The Company's Name
Our Company's Name
Accounts Payable
29
A petty cash on hand amount that is LESS than a recorded amount is called...
Cash Short
Cash Over
Purchase Discount
Trade Discount
30
An account that reduces a related account on a financial statement is called a...
Vendor
Sister Account
Terms of Sale
Contra Account
31
What is happening below?
Example of purchases
Returning Merchandise
Crown Distributing is purchasing something
Purchasing Merchandise
32
2/5, n/15 means what?
Pay 2% in 5 Days, Pay the Rest in 15 Days
2% Discount in 5 Days
2% Disc. in 5 Days or Total Due in 15 Days
I have no idea!
33
An owner of one or more shares of a corporation is called a ...
Stockholder
Vendor
Stock
Share of Stock
34
An agreement between a buyer and a seller about payment for merchandise is called...
Terms of Sale
Purchase Invoice
Invoice
Terms of Merchandise
35
The image below is an example of what?
Paid Cash On Account
Paid On Account for Expenses
Paid Cash for Expenses
Paid Cash
36
Goods that a business purchases to sell is called...
Merchandise
Products
Inventory
Equipment
37
Total shares of ownership in a corporation is called...
Corporation
Vendor
Capital Stock
Stockholder
38
The following image is considered what?
Cash Journal
Petty Cash Journal
Purchase Journal
Journal
39
A merchandising business that sells to those who use or consume goods is called...
Merchandising Business
Wholesale Merchandising Business
Retail Merchandising Business
Vendor
40
A journal that used to only record PURCHASES of merchandise on account is called...
Cash Journal
Journal
Purchase Journal
Petty Cash Journal
41
The image below is an example of what?
Business Invoice
Purchase Invoice
Cash Invoice
Invoice
42
Credit allowed for PART of the purchase price of merchandise that is NOT returned is called?
Purchase Discount
Purchase Allowances
Purchase Returns
Purchase Invoice
43
The image below is an example of what?
Vendor Report
Business Expense Report
Cash Report
Petty Cash Report
44
When we total all of our columns and we verify the amount, what do we do?
Double Rule
No Rule
Single Rule
45
A deduction that a vendor allows on the invoice amount to encourage prompt payment is called...
Purchase Invoice
Cash Discount
Purchase Discount
Purchases Return
46
A business from which merchandise is purchased or supplies or other assets are bought is called
Retail Merchandising Business
Merchandising Business
Buyer
Vendor
47
An organization with the legal rights of a person and which many persons may own is called a...
Business
Corporation
Entrepreneur
Proprietorship
48
A cash discount that is on purchases TAKEN by the customer is called...
Trade Discount
Discount
Cash Discount
Purchase Discount
49
A fund that enables a business to pay cash for small expenses WITHOUT writing a check is called
Cash Expense
Petty Cash
Cash
Check
50
The image below is an example of what?
Buying Merchandise Without Discount
Buying On Account with Purchase Discount
Buying Merchandise On Account
51
A special journal used to record ONLY cash payment transactions is called...
General Journal
Petty Cash Report
Purchases Journal
Cash Payments Journal
52
Purchase on account merchandise for $500, less a 20% trade discount. What do we actually pay?
$400
$100
$200
$500
53
A journal used only for transactions that cannot be recorded in one of the special journals.
General Journal
Cash Payments Journal
Journal
Purchases Journal
54
A form prepared by the customer showing the price deduction taken by the customer for R&A.
Invoice
Purchase Invoice
Debit Memorandum
Memorandum
55
A journal only used to record ONE kind of transaction is called a...
Special Journal
Purchases Journal
Petty Cash Journal
Cash Journal
56
A business that buys and resells merchandise to retail merchandising businesses is called...
Business
Retail Merchandiseing Business
Merchandising Business
Wholesale Merchandising Business
