Lesson 1 & 2

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8 Qs

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Lesson 1 & 2

Lesson 1 & 2

Assessment

Quiz

others

Medium

Created by

Chris Apple

Used 1+ times

FREE Resource

8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Sales Tax Payable has a normal credit balance.
True
False

2.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Regardless of when payment is received, the revenue should be recorded when a sale is made, not on the date cash is received.
True
False

3.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

The amount of sales tax collected is a liability of a business until paid to the government.
True
False

4.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

When merchandise is sold on account and sales tax is also collected,
Accounts Receivable is credited for the total sale and sales tax.
the Accounts Receivable balance is increased.
Sales is debited for the price of the goods.
the sales tax is not reported.

5.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Marris Company records a $1,000.00 sale on account on May 23. On June 6, the customer pays the account. The sale should be recorded in the
sales journal on May 23.
cash receipts journal on May 23.
sales journal on June 6.
cash receipts journal on June 6.

6.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

The amount of sales tax on a sale is calculated as the price of goods
plus the sales tax rate.
times the sales tax rate.
minus the sales tax rate.
divided by the sales tax rate.

7.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

A business should post sales on account transactions to the accounts receivable subsidiary ledger frequently to
ensure the customer is invoiced for the sale.
avoid errors in posting.
follow generally accepted accounting principles.
ensure each customer account will show an up-to-date balance.

8.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

The amount of cash received for a sale on account of $1,080.00 when the cash is received within the 2% discount period is
$1,080.00
$1,062.00.
$1,058.40.
$1,053.60.