FREE ACCOUNTING AND STUDY GAMES ABOUT CHAPTER

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FREE ACCOUNTING AND STUDY GAMES ABOUT CHAPTER

10 EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -26 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: FYI - 2 tax needs for accuracy

Answer:

1)total sales 2)total sales tax collected

Question 2: Cash Sale

Answer:

A sale in which the customer pays for the total amount of the sale at the time of the transaction

Question 3: Invoice

Answer:

When merchandise is sold on account, a form that describes the goods or services sold

Question 4: Cash Receipts Journal

Answer:

a special journal used to record only cash receipt transactions

Question 5: FYI - formula for Selling price

Answer:

Cot of merchandise + Markup = Selling price

Question 6: FYI - 2 other names for Sales Invoice

Answer:

Sales ticket or sales slip

Question 7: FYI - POS terminals support

Answer:

transmits a a summary batch report for processing credit card sales

Question 8: FYI - 2/10, n/30

Answer:

2% discount given if paid in 10 days, but if not, all due in 30 days

Question 9: Batching out

Answer:

The process of preparing a batch report from a POS terminal

Question 10: Markup

Answer:

The amount a business adds to the cost of merchandise to establish the selling price

Question 11: Sales Discount

Answer:

A cash discount on a sale taken by the customer

Question 12: Point-of-Sale (POS) terminal

Answer:

A specialized computer used to collect, store, and report all the information about a sales transaction

Question 13: Sales Journal

Answer:

a special journal used to record only sales of merchandise on account

Question 14: Schedule of Accounts Receivable

Answer:

A listing of customer accounts, account balances, and the total amount due from all customers

Question 15: FYI - tax collected classification

Answer:

a business liability, SALES TAX PAYABLE

Question 16: FYI - usage for UPC symbol

Answer:

scanned to enter description and price of of the merchandise

Question 17: FYI - 6 steps to proving Cash

Answer:

1)cash on hand at beginning of month 2)plus total cash received 3)Equal total 4)less total cash paid 5)equals cash balance on hand 6)checkbook balance on next unused check stub

Question 18: Batch report

Answer:

A report of credit card sales produced by a POS terminal

Question 19: Selling price

Answer:

The amount a business receives from the sale of an item

Question 20: FYI - 2 entities exempt from sales tax

Answer:

necessities and nonprofit organizations

Question 21: FYI - 2 ways to sale merchandise

Answer:

1)on account 2)for cash

Question 22: Sales tax

Answer:

A tax on a sale of merchandise or a service

Question 23: FYI - 3 forms of cash sale

Answer:

Cash, Credit cards, and debit cards

Question 24: Account Receivable Ledger

Answer:

a subsidiary ledger containing all accounts for charge customers.

Question 25: FYI - Realization of Revenue

Answer:

A merchandising business gets its revenue from the sale of merchandise

Question 26: Terminal Summary (Z tape)

Answer:

The report that summarizes the cash and credit card sales of a POS terminal