
ACC 1 Chapter 9 Test Review
Flashcard
•
Other
•
11th - 12th Grade
•
Practice Problem
•
Hard
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30 questions
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1.
FLASHCARD QUESTION
Front
A transaction to record merchandise purchased with a trade discount would include a debit to Merchandise Discount.
Back
False
2.
FLASHCARD QUESTION
Front
Is the petty cash account Cash Short and Over a temporary account?
Back
True
3.
FLASHCARD QUESTION
Front
A corporation can own property, incur liabilities, and enter into contracts in its own name.
Back
True
4.
FLASHCARD QUESTION
Front
A corporation exists independent of its owners.
Back
True
5.
FLASHCARD QUESTION
Front
The terms of sale 1/10, n/30 means that 1/10 or 10% of the invoice amount may be deducted if paid within 30 days.
Back
False
6.
FLASHCARD QUESTION
Front
The total of accounts in the accounts payable subsidiary ledger equals the balance of the controlling account, Accounts Payable.
Back
True
7.
FLASHCARD QUESTION
Front
A merchandising business places Purchases in the Operating Expenses section of the income statement.
Back
False
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