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Century 21 Accounting Ch 9 and 10 Quiz Flashcards | StudBud
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Century 21 Accounting Ch 9 and 10 Quiz
Century 21 Accounting Ch 9 and 10 Quiz
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#accounting #century21 #chapters #babyrideskittenridespenguin
Flashcards
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Questions
40
Answers
1
The process of preparing a batch report from a POS Terminal is __________?
Batching Out
Batching In
Checking In
Checking Out
2
The time period during which a customer may take a cash discount is the __________?
Fiscal Period
Due Date
Third Period
Discount Period
3
Each unit of ownership in a corporation is a __________?
Charter
Merchandise
Good Boy Points
Share of Stock
4
A subsidiary ledger containing all accounts for charge customers is a __________?
Accounts Payable Ledger
Sales Tax Ledger
Accounts Receivable Ledger
Sales Ledger
5
The __________ is a retail price listed in a catalog or on an internet site.
Cost of Merchandise
List Price
Selling Price
Net Price
6
Exceeding a vendor's credit limit can cause a disruption in the company's ability to purchase.
True
False
7
A ______ is a business from which assets are purchased.
Vendor
Merchandising Business
Retailer
Wholesaler
8
The total of accounts in the AP ledger equals the balance of the controlling account, AP.
False
True
9
Unlike a proprietorship, a corporation exists independently.
True
False
10
Most states do not require a business to collect sales tax from customers.
False
True
11
When a sales discount is taken, customers pay less cash than the last recorded invoice amount.
True
False
12
A corporation cannot own property, but can incur liabilities.
False - Businesses can't do either of these things
False - Businesses can own property, but cannot incur
True - A business can incur liabilities but not own property
False - Businesses can do both
13
The assets or other financial resources available for a business is a __________?
Charter
Controlling Account
Corporation
Capital
14
A legal document that identifies the basic characteristics of a business is a __________?
Articles of Incorporation
Charter
Articles of Decorporporation
Articles of Corporation
15
When using a perpetual inventory system, purchases of merch. are recorded in Merch. Inventory.
True
False
16
A report that summarizes the cash and credit card sales of a point-of-sale terminal is a _____?
Schedule of Accounts Receivable
Terminal Summary
Batch Report
Cash Receipts Journal
17
An inventory determined by keeping a continuous record of the balance on hand of each item is?
Physical Inventory
Perpetual Inventory
Periodic Inventory
General Inventory
18
Credit and debit card sales are treated as cash sales since the business still receives cash.
False - Only Credit Card Sales
True
False - Neither are treated
False - Only Debit Sales
19
A business that purchases and resells goods is a __________ Business.
Retail
Merchandising
Vending
Wholesale
20
The amount a business adds to the cost of merchandise to arrive at the selling price is ______?
Requisition
Markup
Sales Tax
List Price
21
A transaction to record merch. bought with a discount includes a credit to Merch. Discount.
True
False
22
A terminal summary is also known as a T tape
True
False
23
A _________ is a special journal used to record only cash receipts.
Cash Payments Journal
Sales Journal
Cash Purchases Journal
Cash Receipts Journal
24
An invoice describes the goods or services sold, the quantity and price, and sales terms.
False - It does not describe goods or services sold
True
False - It does not describe any of this.
False - It does not describe quantity or price.
25
A journal is proved and ruled when a journal page is filled and always at the end of the month.
This entire statement is False
True
False - Only when a journal is ruled
False - Only at the end of the month
26
Sales tax rates are usually stated as a percentage of sales.
False
True
27
A tax on a sale of merchandise or service is a ______ Tax.
Credit
Trade
Capital
Sales
28
A form requesting the purchase of merchandise is a __________?
POS Terminal
Purchase Form
Purchase Order
Requisition
29
The A.R. Ledger form is based on the general ledger form and contains the same columns.
True
False - It does not have a Account's Payable Column.
False - It does not have the Credit Balance column
False - It does not have the Debit Balance Column
30
The maximum outstanding balance allowed to a customer by a vendor is the _____ limit.
Credit
General
Trade
Inventory
31
The petty cash account "Cash Short and Over" is a permanent account.
True
False
32
The ______ price is the cost after the trade discount has been deducted from the list price.
Final
Net
None of these answers are right.
List
33
The contra account Purchases Discount has a normal debit balance.
False - It has a credit balance
True
False - It has another balance other than debit or credit
False - You're thinking of that one old game called Contra.
34
When using a periodic inventory system, the cost of merchandise is recorded in Purchases.
True
False
35
The __________ is an agreement between a buyer and a seller about payment for merchandise.
Terms of Sale
Purchase Order
Articles of Incorporation
Requisition
36
A schedule of accounts receivable contains a complete listing of each sales invoice owed.
False
True
37
Sales Tax Payable has a normal debit balance.
True
False
38
A _______ journal is used to record only one kid of transaction.
Purchases
Special
Inventory
Sales
39
When journalizing a cash payment for advertising, the vendor is written as the account title.
True
False
40
In the word "P.O.S. Terminal", the acronym stands for what?
Proprietor of Sales
Purchase of Stocks
Pretty Overused System
Point of Sale
