Accounting Spring Final Exam REVIEW

Accounting Spring Final Exam REVIEW

10th Grade

30 Qs

quiz-placeholder

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Accounting Spring Final Exam REVIEW

Accounting Spring Final Exam REVIEW

Assessment

Quiz

others

10th Grade

Medium

Created by

Katelyn Robertson

Used 5+ times

FREE Resource

30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The purchases account is increased by a credit and decreased by a debit.
True
False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Purchases Discount is increased by a credit entry.
True
False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Purchases Returns and Allowances is a contra account to Cost of Merchandise.
True
False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The amount of sales tax collected is an asset of the business until paid to the state government.
True
False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A terminal summary reports total cash and credit card sales of a point-of-sale terminal.
True
False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Regardless of when merchandise is sold, revenue should be recorded when cash is received.
True
False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Total earnings are sometimes referred to as net pay or net earnings.
True
False

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