
Accounting Chapter 9
Flashcard
•
11th - 12th Grade
•
Hard
Wayground Content
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57 questions
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1.
FLASHCARD QUESTION
Front
A corporation can own property, incur liabilities, and enter into contracts in its own name.
Back
True
2.
FLASHCARD QUESTION
Front
A special journal used to record only purchases of merchandise on account is called a purchases journal.
Back
True
3.
FLASHCARD QUESTION
Front
A cash payments journal includes a special amount column for the cash account and the accounts payable account.
Back
True
4.
FLASHCARD QUESTION
Front
The source document for most cash payments is the check issued.
Back
True
5.
FLASHCARD QUESTION
Front
A special journal entry is made to show the amount of a trade discount.
Back
False
6.
FLASHCARD QUESTION
Front
A reduction in the list price granted to customers is called a trade discount.
Back
True
7.
FLASHCARD QUESTION
Front
The terms of sale 2/15, n/30 mean that 2% of the invoice amount may be deducted if paid within 15 days of the invoice date or the total invoice amount must be paid within 30 days.
Back
True
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