Accounting Ch 11 Terms/Notes Quiz

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Notes terms quiz.

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Kerri Stegman

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Accounting Ch 11 Terms/Notes Quiz


Accounting Ch 11 Terms/Notes QuizVersión en línea Notes terms quiz. por Kerri Stegman 1 The owner's equity accounts for a corporation are listed under which division? a retained earnings b assets c stockholder's equity d business entity 2 What division is Purchase Returns and Allowances listed under? a cost of goods sold b expenses c sales revenue d capital stock 3 What type of account is Dividends Payable? a asset b revenue c liability d cost of goods sold 4 What is the normal balance for Dividends Payable? a debit b neutral c credit 5 What is the normal balance for Purchase Returns and Allowances? a debit b neutral c credit 6 What is the normal balance for Sales Returns and Allowances? a credit b neutral c debit 7 What is the normal balance for Dividends? a credit b debit c neutral 8 The total shares of ownership in a corporation. a common stock b capital stock c retained earnings d operating expense 9 A source document is prepared for each transaction. a receipt b objective evidence c invoice d business entity 10 When an invoice is received for buying supplies, a _____ is attached to avoid confusion. a contract b purchase order c memorandum d objective evidence 11 Amount to be paid in the future for goods or services already acquired. a notes payable b accounts payable c accounts receivable d memorandum 12 What is the source document for a sales return and allowance transaction? a receiving report b sales invoice c credit memorandum d debit memorandum 13 What is the source document for a purchase return or allowance transaction? a debit memorandum b credit memorandum c purchase order d invoice 14 Financial information is recorded and reported separately from the owner's personal financial information. a cost of goods sold b personal finance c business entity d objective evidence

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Accounting Ch 11 Terms/Notes Quiz

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Accounting Ch 11 Terms/Notes QuizVersión en línea

por Kerri Stegman

The owner's equity accounts for a corporation are listed under which division?

What division is Purchase Returns and Allowances listed under?

What type of account is Dividends Payable?

What is the normal balance for Dividends Payable?

What is the normal balance for Purchase Returns and Allowances?

What is the normal balance for Sales Returns and Allowances?

What is the normal balance for Dividends?

The total shares of ownership in a corporation.

A source document is prepared for each transaction.

When an invoice is received for buying supplies, a _____ is attached to avoid confusion.

Amount to be paid in the future for goods or services already acquired.

What is the source document for a sales return and allowance transaction?

What is the source document for a purchase return or allowance transaction?

Financial information is recorded and reported separately from the owner's personal financial information.