Accounting Ch. 9 Cengage
Authored by Kelsey Borys
Business
12th Grade
Used 1+ times
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This quiz covers corporate accounting fundamentals and specialized journals, specifically designed for 12th-grade students in a high school business accounting course. The questions assess students' understanding of corporation formation concepts including articles of incorporation, charters, and capital stock, as well as advanced accounting procedures involving subsidiary ledgers, cash payments journals, and purchases journals. Students need a solid foundation in the accounting cycle, journal entries, posting procedures, and the distinction between perpetual and periodic inventory systems. They must understand the relationship between controlling accounts and subsidiary ledgers, master cash discount calculations with terms like 2/15 n/30, and comprehend how specialized journals streamline the recording process for repetitive transactions. The quiz also requires knowledge of fundamental accounting equation components, distinguishing between accounts receivable and accounts payable, and understanding how contra accounts like Purchases Discount function within the accounting framework. Created by Kelsey Borys, a Business teacher in the United States who teaches grade 12. This comprehensive quiz serves as an excellent tool for formative assessment, allowing students to demonstrate their mastery of Chapter 9 concepts from their Cengage accounting textbook before moving to more advanced topics. Teachers can utilize this quiz as a warm-up activity to activate prior knowledge, assign it as homework to reinforce classroom learning, or implement it as a review session before unit examinations. The mix of matching, true/false, and multiple-choice questions provides varied assessment opportunities that accommodate different learning styles while thoroughly testing conceptual understanding and practical application. This assessment aligns with business education standards including NBEA Accounting Standard I (Fundamental Concepts) and Standard IV (Adjusting and Controlling Accounts), ensuring students develop the analytical and technical skills necessary for advanced accounting coursework and potential career pathways in business and finance.
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39 questions
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1.
MATCH QUESTION
30 sec • 1 pt
Match the following accounting terms with their definitions
A business that buys and resells merchandise primarily to other merchandising businesses.
capital
A business that purchases and resells goods.
accounts payable ledger
Goods that a business purchases in order to sell.
charter
A merchandising business that sells to those who use or consume the goods.
articles of incorporation
An organization with the legal rights of a person which many persons or other corporations may own.
capital stock
2.
MATCH QUESTION
30 sec • 1 pt
Match the following terms to their definitions:
The goods a business has on hand for sale to customers.
contra account
A merchandise inventory evaluated at the end of a fiscal period.
cost of merchandise
A list of assets, usually containing the value of individual items.
cash discount
An inventory determined by keeping a continuous record of increases, decreases, and the balance on hand of each item of merchandise.
cash payments journal
When a periodic inventory is conducted by counting, weighing, or measuring items of merchandise on hand.
credit limit
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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