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Accounting I Chapter 9 Flashcards | StudBud
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Accounting I Chapter 9
Accounting I Chapter 9
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Accounting Chapter 9; corporations #accounting #cte #careerandtechnicaleducation
Flashcards
35 cards
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Practice quiz
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Questions
35
Answers
1
Terms of sale 1/10, n/30 mean the customer may deduct 1% of the invoice if paid in 30 days
false
true
2
Valentine's Day is the 2nd largest greeting card holiday behind what?
Father's Day
Mother's Day
Easter
Christmas
3
$1000 merch purchase on Aug 1, with terms of sale of 2/10, n/30, the amt due on Aug 9
$980
$1000
$20
$990
4
The purchases account is classified as
cost account
asset
liability
expense
5
Terms of sale mean a ___________ discount can be taken by a certain ____________
cash, date
product, person
credit, person
credit, dollar amount
6
The source document for a cash purchase is
memo
invoice
check
receipt
7
A deduction that a vendor allows on the invoice amount to encourage prompt payment
cash gains
cash discount
cash credit/debit
cash application
8
Coffee was the first food to be
baked
eaten with a spoon
freeze-dried
grown in America
9
Supplies bought for use in a business are recorded in the
supplies expense account
purchases account
cash account
supplies account
10
Total shares of ownership in a corporation
real stock
capital gains
nominal stock
capital stock
11
Of those who celebrate Valentine's Day, 30% do what?
Go out to eat
Make a special dinner
Forget they are celebrating until the last minute
Give a gift
12
Trade discounts normally are recorded in the purchases discount account
true
false
13
Each unit of ownership in corporation
bond
mutual fund
share of stock
capital stock
14
A journal used to record only one kind of transaction
regular journal
special journal
general journal
nominal journal
15
According to legend/history why do we celebrate Valentine's Day?
to each ALL THE CHOCOLATE!
to sell Hallmark Cards
it is the eve of a Pagan Roman festival of fertility
Roman Catholic Priest, married young couples against orders
16
Since contra accounts are offsets to their related accounts, contra acct normal balances are
debits
same as the normal balance of their related accounts
credits
opposite the normal balances of their related accounts
17
An invoice used as a source document for recording a purchase on acct transaction
cash receipt
sales receipt
purchase invoice
sales invoice
18
A form prepared by the customer showing the price reduction taken by the customer for R & A
emo
memo
nomo
debit memo
19
Purchases returns and allowances is a contra account to
revenue
supplies
purchases
sales
20
Credit allowed for the purchase price of returned merch, resulting in a decrease in accts pay
purchases gain
purchases net income
purchases allowance
purchases return
21
From today Feb 9th, how many days until the 2017 Master's Golf Tournament at Augusta National?
47
50
51
56
22
A merchandising business that sells to those who use or consume the goods
merchandiser
retailer
proprietor
wholsaler
23
Purchases Discount is increased by a credit entry
false
true
24
Terms of sale 1/10, n/30 for $150 merch purchased Aug 2; if paid on Aug 13 the total is
$148
$135
$150
$148.50
25
The actual petty cash on hand $53, but records show that $55 should be on hand, petty cash is
undefined
short
inbetween
over
26
Purchases returns and allowances
do not effect the amount of purchases
decrease the amount of purchases
increase the amount of purchases
affect the cash flow
27
Terms of sale 2/10, n/30 for merch $400 purchased Nov 1; if paid by Nov 5, the total is
$400
$395
$392
$398
28
A cash discount on purchases taken by a customer
cash discount
capital gains
purchases discount
purchases invoice
29
Merchandise with a list price of $1500 is purchase on acct for $900, what is the invoice amount
unknown
$900
depends on the terms
$1500
30
$300 petty cash fund; Receipts total $224, cash of $74 in petty cash box; cash short/over is
$2 credit to cash short and over
$224 debit to cash
$224 credit to cash
$2 debit to cash short and over
31
Most roses sold on Valentine's Day are imported from what country?
Mexico
South America
Australia
Africa
32
What percentage of American women send themselves flowers on Valentine's Day?
37%
15%
10%
14%
33
The purchases account is increased by a credit and decreased by a debit
false
true
34
A business that buys large quantities of goods to re-sell to other businesses
merchandiser
wholesaler
retailer
taco truck
35
An organization with legal rights of a person which may be owned by many people
capital stock
business
sole proprietorship
corporation
