Duplicate of Ch.15 Accounting Review

Question 1

The terms 2/10, n/30 means that ...

Accepted Answer

A 2 percent discount if paid within 10 days, net due in 30

Question 2

On January 29, Mr. Tanner purchased $2,000 in prom dress merchandise on account from Sean Prom.

Accepted Answer

Debit: Purchases Credit: Accounts Pay.

Question 3

What accounts are debited / credited?

Accepted Answer

DR: Accts. Pay & Accts. Pay./Fast Lane CR: Purch. Ret. & All

Question 4

Bank charges and bankcard fees are recorded as a Miscellaneous Expense.

Accepted Answer

False

Question 5

If you issue a check for insurance premium, you debit...

Accepted Answer

Prepaid Insurance

Question 6

The ____ is a ledger that contains accounts for all creditors and the amount owed to each.

Accepted Answer

Accounts Payable Subsidiary Ledger

Question 7

A _____ occurs when a business returns merchandise to the supplier for full credit.

Accepted Answer

Purchases Return

Question 8

Invoices are placed in a tickler file according to their due date.

Accepted Answer

True

Question 9

A ____ is a written request to order a specified item or items.

Accepted Answer

Purchase Requistion

Question 10

The ____ account Accounts Payable equals the total of accounts in the subsidiary ledger.

Accepted Answer

Controlling Girlfriend, Controlling Parent, Controlling, Controlling Boyfriend

Question 11

A ____ is is written offer to of supplier to buy specified items.

Accepted Answer

Purchase order

Question 12

Which accounts are debited / credited?

Accepted Answer

DR: Store Equipment CR: Accts. Pay. & Accts. Pay./ Champion

Question 13

A slash in the Post Reference columns means that you must post to two accounts.

Accepted Answer

True

Question 14

Who prepared the purchase order?

Accepted Answer

On Your Mark

Question 15

A discount for early payment on purchases.

Accepted Answer

Purchases Discount

Questions 15