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FREE ACCOUNTING AND STUDY GAMES ABOUT GLENCOE
-CHAPTER 15 EXAM QUESTIONS
Actual Qs and Ans Expert-Verified Explanation
This Exam contains:
-Guarantee passing score -17 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation
Question 1: Purchase order
Answer:
written offer to a supplier to buy certain items.
Question 2: Purchases account
Answer:
temporary account, classified as cost of merchandise.
Question 3: Purchase Requisition
Answer:
written request that a certain item or items be purchased.
Question 4: premium
Answer:
the advanced payment of an insurance policy.
Question 5: Prepaid Insurance
Answer:
the asset account that records the payment of an insurance premium.
Question 6: bankcard fee
Answer:
an expense to a business for allowing customers to charge on their bankcard.
Question 7: Accounts Payable
Answer:
the controlling account that must equal the balance of all the subsidiary account payables.
Question 8: FOB destination
Answer:
the supplier pays the shipping cost.
Question 9: debit memorandum
Answer:
notifies suppliers of a return or to request and allowance of merchandise purchased.
Question 10: Accounts Payable Subsidiary Ledger
Answer:
an individual account for each supplier or creditor, and is summarized in the general ledger controlling account.
Question 11: Cost of Merchandise Accounts
Answer:
Accounts that contain the actual cost to the business of the merchandise sold to customers.
Question 12: Purchases discount
Answer:
a cash discount offered to charge customers if they pay early.
Question 13: Purchases returns
Answer:
merchandise returned by the business to the supplier for full credit.
Question 14: Discount period
Answer:
the time within which an invoice must be paid in order to receive a discount.
Question 15: Purchases allowance
Answer:
merchandise kept by business but price reduced by supplier because merchandise was not satisfactory.
Question 16: FOB shipping point
Answer:
the buyer pays the shipping cost.
Question 17: Packing slip
Answer:
form that lists the items included in the shipment.
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