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college accounting a practical approach

Questions and Answers of College Accounting A Practical Approach

A year-end adjusting entry is needed for workers’ compensation. True/False LO.1
Form 8109 relates only to Form 940EZ. True/False LO.1
The normal balance of Sales Discountsis_. LO.1
_and_isa contra-revenue account. LO.1
Sales discount is a_account. LO.1
A discount period is less time thanthe_ LO.1
A_recordsthe sale of merchandise on account. LO.1
The_ _listsin alphabetical order an account for each customer. LO.1
_in the general ledger is called the controlling account. LO.1
The (V) in the sales journal indicates that the accounts receivable ledger has been updated LO.1
The totals of the sales journal are posted at LO.1
In a wholesale company there is no LO.1
Sales Tax Payable isa_ LO.1
Issuinga_ to the general ledger account, tax.in the general ledger._______ results in the seller reducing its accounts receivable. LO.1
Sales Returns and Allowances is a LO.1
The_ account.records the receipt of cash from any source. LO.1
The total ofthe_columnin the cash receipts journal is never posted. LO.1
_isa process that helps prove the accuracy of recording transactions in the cash receipts journal. LO.1
No_aretaken on sales tax. LO.1
A_ lists the ending balances from the accounts receivable ledger. LO.1
B is postedat_ _tothe Sales account in the general ledger. LO.1
C is postedto_,the controlling account in the general ledger at the end of the month. LO.1
D hasa_balancethat is posted to Sales Discount in the general ledger at the end of the month. LO.1
E is posteda_ _tothe Cash account in the general ledger. LO.1
Fshould__ because the total will be posted to the Cash account in the genneral ledger at the end of the month. LO.1
Gis_duringthe month. LO.1
His_recordedto the accounts receivable subsidiary ledger during the month.Iis_duringthe month, because the total of the Sales column is posted at the end of the month to Sales in the general
J is posted tothe___duringthe month, as the total of sundry is never posted. LO.1
A schedule of accounts receivable is prepared from the general ledger. True/False Name___Class_Date_ LO.1
Cross-footing verifies the accuracy of recording transactions into special journals. True/False LO.1
(X) means the accounts receivable ledger has been updated. True/False LO.1
The total of the sundry column is posted at the end of the month. True/False LO.1
The cash receipts journal records sales on account. True/False LO.1
Issuing a credit memorandum results in Sales, Returns and Allowances decreasing with Accounts Receivable increasing. True/False LO.1
A Periodic System continually monitors Inventory. True/False LO.1
The sum of the accounts receivable subsidiary ledger is equal to the balance in the controlling account at the end of the month. True/False LO.1
The sales journal records cash sales. True/False LO.1
The accounts receivable subsidiary ledger is listed in numerical order . True/False LO.1
Sales Returns and Allowances is a contra-revenue account. True/False LO.1
Net sales = gross sales - SRA-SD. True/False LO.1
All businesses must have a sales journal to record cash sales. True/False LO.1
Discounts are taken on sales tax. True/False LO.1
The total of the Sales Tax Payable is posted at the end of the month to the accounts receivable subsidiary ledger. True/False LO.1
The accounts receivable subsidiary ledger is always located in the general ledger. True/False LO.1
Gross profit plus operating expenses equals net income. True/False LO.1
A credit period is longer than the discount period. True/False LO.1
In the accounts receivable subsidiary ledger each account is debited to record amounts customers owe. True/False LO.1
Special journals reduce posting labor. True/False LO.1
F.O.B. shipping point meansthe_coversthe shipping cost. LO.1
Purchases are categorizedas_. LO.1
The Purchases account has a_balance. LO.1
Purchases are defined as merchandisefor_tocustomers. LO.1
The accounts payable subsidiary ledger represents apotential_ofcash. LO.1
The controlling account in the general ledger for the accounts payable subsidiary ledger is called LO.1
The accounts payable subsidiary ledger would berecorded_. LO.1
The balance in the Accounts Payable controlling account should be equal to the sum of the accounts payable ledgeraccounts_ LO.1
The total of the sundry columnis_. LO.1
TheV in the reference column indicates that the________ _hasbeen updated. LO.1
A____ that is issued means the buyer owes less money, as merchandise is being returned or an allowance received. LO.1
A debit memorandum issued or a credit memorandum received results ina_ to Accounts Payable and a credit to Purchases, Returns and Allowances. LO.1
List price - net price=_amount. LO.1
The accounts payable ledger is listedin_. LO.1
Purchases Returns and Allowances is increased bya_. LO.1
The cash payments journal records transactions that involve outward flows of LO.1
The cash payments journal alleviates certain repetitive_. LO.1
Purchases Discounts is increasedby_. LO.1
A_providesthe purchasing department the information to then prepare a purchase order. LO.1
A received shipments. LO.1
The total of the cash column is posted at the is made out after a company inspects to the general ledger. LO.1
B is postedat_inthe general ledger to Accounts Payable. LO.1
C is posted monthlyto_inthe_ _atthe end of the month. LO.1
D is posted asa_balanceat the end of the month to Cash in the general ledger. LO.1
Eis_,because the total of cash is posted at the end of the month. LO.1
F need notbe_,as the column total is posted at the end of the month to the general ledger. LO.1
Gis_tothe accounts payable ledger. LO.1
H is posted during the month tothe_. LO.1
Iis_themonth to the general ledger. LO.1
Jis recorded_to the accounts payable subsidiary ledger. LO.1
F.O.B shipping point means buyer is responsible to cover shipping costs. True/False LO.1
The purchases account is a contra-cost of goods sold account. True/False LO.1
Purchases Discounts are the result of paying for equipment within the discount period. True/False LO.1
F.O.B. Destination means the seller is responsible to cover shipping costs. True/False LO.1
Purchases Discounts are taken on freight. True/False LO.1
The purchases journal records only the buying of merchandise. True/False LO.1
The cash payments journal records the receipt of cash. True/False LO.1
The balance in Accounts Payable, the controlling account,will be equal to the sum of the accounts receivable subsidiary ledger at the end of the month. True/False LO.1
A purchase order is completed after the purchase requisition. True/False LO.1
On receiving a purchase order, the seller may issue a sales invoice. True/False LO.1
The normal LO.1 balance of Purchases Discount is a debit balance. True/False LO.1
The seller wil often issue a debit memorandum to the buyer. True/False LO.1
All credit memorandums must be recorded in general journals. True/False LO.1
Returned equipment by a buyer results in a change in Purchases Returns and Allowances. True/False LO.1
Trade discounts do not occur because of early payments of one’s bills. True/False LO.1
A seller’s sales discount on purchases is the buyers purchases discount. True/False LO.1
Buying of equipment on account is only recorded in the general ledger. True/False LO.1
On receiving a debit memorandum, the seller will issue a credit memorandum. True/False LO.1
Cash sales are recorded in the cash payments journal. True/False LO.1
Purchases are contra costs. True/False LO.1
A service company might usethe_of accounting if they had no inventories. LO.1
A strictly cash basis approach may result inthe_ _beingdistorted. LO.1

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