
Chapter 10 Review
Other
10th - 12th Grade
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25 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Purchases and sales of merchandise are the two major activities of a merchandising business.
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The amount of sales tax collected is an asset of the business until paid to the state government.
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Cash is proved when the total of the cash debit column of a cash receipts journal equals the next unused check stub.
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
When cash is received for a sale on account within the discount period, the amount credited to Accounts Receivable is reduced by the amount of discount.
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
When a customer is granted credit for merchandise returned, Accounts Receivable is debited.
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A terminal summary reports total cash and credit card sales of a point-of-sale terminal.
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Regardless of when merchandise is sold, revenue should be recorded when cash is received.
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