Match the following accounting terms with their definitions

Accounting Ch. 9 Cengage

Quiz
•
Business
•
12th Grade
•
Medium
Kelsey Borys
Used 1+ times
FREE Resource
39 questions
Show all answers
1.
MATCH QUESTION
30 sec • 1 pt
Goods that a business purchases in order to sell.
accounts payable ledger
An organization with the legal rights of a person which many persons or other corporations may own.
capital stock
A merchandising business that sells to those who use or consume the goods.
articles of incorporation
A business that buys and resells merchandise primarily to other merchandising businesses.
charter
A business that purchases and resells goods.
capital
2.
MATCH QUESTION
30 sec • 1 pt
Match the following terms to their definitions:
A list of assets, usually containing the value of individual items.
cash discount
The goods a business has on hand for sale to customers.
contra account
When a periodic inventory is conducted by counting, weighing, or measuring items of merchandise on hand.
credit limit
An inventory determined by keeping a continuous record of increases, decreases, and the balance on hand of each item of merchandise.
cost of merchandise
A merchandise inventory evaluated at the end of a fiscal period.
cash payments journal
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A corporation can incur liabilities but cannot own property. (p. 244)
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The articles of incorporation typically include the name and address of the business, its purpose for operating, any limitations on its activities and rules for dissolving the corporation.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Unlike a proprietorship, a corporation exists independent of its owners. (p. 245)
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The total of accounts in the accounts payable ledger equals the balance of the controlling account, Accounts Payable. (p. 246)
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The accounts payable ledger form contains the same columns as the general ledger except that it lacks a Credit Balance column. (p. 247)
True
False
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