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B386 Ch. 14 Review (Glencoe) Flashcards | StudBud
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B386 Ch. 14 Review (Glencoe)
B386 Ch. 14 Review (Glencoe)
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Answers
1
A business that sells to the consumer is a
merchandiser
wholesaler
retailer
sole proprietor
2
The normal balance of the Sales account is
a debit
a credit
zero
either a debit or a credit
3
Transactions involving bank cards (Visa, Mastercard, etc.) are the same as
selling an asset
on account sales
cash sales
credit sales
4
Sales tax is recorded as a
credit to Sales Tax Expense
debit to Sales Tax Payable
credit to Sales Tax Payable
debit to Sales Tax Expense
5
Given credit terms of 3/15, n/30, what does the "3" represent?
# of days when the entire bill is due (no discount)
% of sales tax due at the time of the sale
% discount if paid within the discount period
# of days in the discount period
6
The journal entry for a cash refund is
debit Cash in Bank, credit Sales
debit Cash in Bank, credit Sales Returns and Allowances
debit Sales Returns and Allowances, credit Cash in Bank
debit Sales, credit Cash in Bank
7
What is the NORMAL balance of Sales Discounts?
credit
zero
This account has no designated balance.
debit
8
If payment is made within a specified time, a customer has the potential to receive a
credit memorandum
credit sale
merchandise discount
sales discount
9
A book that contains detailed data summarized to a controlling account in the GL is called a
substitute ledger
subsidiary ledger
control summary
diary
10
The accounts affected in a bankcard sale are
Cash in Bank, Sales Discount, and Accounts Receivable
Accounts Receivable, Sales, and Sales Tax Payable
Accounts Payable, Sales, and Sales Tax Payable
Cash in Bank, Sales, and Sales Tax Payable
11
When added together, balances in a subsidiary ledger must match the
contorlling account.
asset account.
asset section of the balance sheet.
contra account.
12
An account that has an opposite normal balance from its related account, this is called a(n)
permanent account
contra account
temporary account
zero-balance account
13
The GOAT is
a generally accepted accounting principle
LeBron James
a cheeseburger stand
Tom Brady
14
Charge customers balances are recorded in a ledger called
Accounts Receivable Subsidiary Ledger
Accounts Payable Subsidiary Ledger
a list of our charge customers
a list of our customers
15
The time allowed for payment to be made on a credit sale is called its
allowance
term
time
allocation
16
When a customer pays on account the accounts affected are
Sales and Cash in Bank
Cash in Bank and Accounts Receivable
Sales and Cash Receipts
Accounts Receivable and Sales
17
The sale of merchandise that will be paid for at a later date is called a
cash sale
taxable sale
liability sale
sale on account
18
Any merchandise returned for credit or a cash refund is called a
cash sale
credit memorandum
sales allowance
sales return
19
The goods bought for resale are called
goods
stock
inventory
merchandise
20
A price reduction granted for damaged goods kept by the customer is called a
sales return
cash sale
sales allowance
credit memorandum
