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Chapter 2 - CHS Accounting

Authored by Julie Keane

Business

10th - 12th Grade

Used 10+ times

Chapter 2 - CHS Accounting
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24 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Mia is analyzing the performance of various departments in her company. Can departmental information help her identify problems in specific departments?

True

False

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Mia is managing the cash receipts journal for her store. She needs to record sales and sales returns and allowances by department. Is this statement true or false?

True

False

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Mia frequently updates the customer accounts by posting entries to the general journal to ensure the accounts are current.

True

False

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The form prepared by the vendor showing the amount deducted for returns and allowances is known as a credit memorandum.

True
False

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Emma runs a small business and records each amount received from her customers in the Accounts Receivable Credit column of her cash receipts journal. Is each amount then posted to the appropriate customer account in the accounts receivable ledger?

True

False

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Mia is managing a retail store and wants to ensure she has complete departmental data. She needs to analyze purchases, sales, cash receipts, and cash payments by department. Is this true?

True

False

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Emma is reviewing the sales journal for her small business and notices it has three credit columns: (1) Sales Discount, (2) Sales, and (3) Sales Tax Payable. Is this correct?

True

False

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