About the Author
Mission Statement
Contact Us
Terms of Use
Privacy Policy
Log out

Chapters 1-4 The Accounting Cycle
Chapters 5-8 Current Assets
Chapters 9-11 Long-Term Assets
Chapters 12-14 Liabilities/Equities
Chapters 15-16 Using Information
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20 Managerial/Cost
Chapters 21-24 Budgeting/Decisions

Chapter 5 - Fill in the Blanks

Home
quizzes

Chapter 5 – Fill in the Blanks

Text
Problems
Goals Achievement
Fill in the Blanks
Multiple Choice
Glossary

Time limit: 0

Quiz Summary

0 of 15 Questions completed

Questions:

Information

You have already completed the quiz before. Hence you can not start it again.

Quiz is loading…

You must sign in or sign up to start the quiz.

You must first complete the following:

Results

Quiz complete. Results are being recorded.

Results

0 of 15 Questions answered correctly

Your time:

Time has elapsed

You have reached 0 of 0 point(s), (0)

Earned Point(s): 0 of 0, (0)
0 Essay(s) Pending (Possible Point(s): 0)

Categories

Not categorized 0%

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Current
Review
Answered
Correct
Incorrect

Question 1 of 15

1. Question
Goods acquired by a retailer for resale to others is called ____________.
Correct

Incorrect
Question 2 of 15

2. Question
The ____________ account is used strictly to record revenues that relate to cash and credit sales of merchandise.
Correct

Incorrect
Question 3 of 15

3. Question
Once a return or allowance is authorized, the seller documents the transaction on a form known as a ____________.
Correct

Incorrect
Question 4 of 15

4. Question
The Sales Returns and Allowances account and the Sales Discount account are known as ____________ revenue accounts.
Correct

Incorrect
Question 5 of 15

5. Question
List price minus trade discounts equals ____________.
Correct

Incorrect
Question 6 of 15

6. Question
A ____________ might be expressed as 2/10, n/30.
Correct

Incorrect
Question 7 of 15

7. Question
Beginning inventory plus net ____________ equals ____________. The later amount less ____________ equals cost of goods sold. Sales minus cost of goods sold equals ____________.
Correct

Incorrect
Question 8 of 15

8. Question
____________ and ____________ are caused by factors such as arrival of merchandise in damaged condition, late arrival of ordered goods, and receipt of goods not ordered.
Correct

Incorrect
Question 9 of 15

9. Question
The ____________ account is unique to the gross method of recording purchases (in contrast to the net method).
Correct

Incorrect
Question 10 of 15

10. Question
Under the net method of recording purchases, a missed discount would be recorded to the Purchase Discounts Lost account with a____________ at the time of ____________.
Correct

Incorrect
Question 11 of 15

11. Question
If the buyer is to incur all freight charges, the terms are F.O.B. ____________.
Correct

Incorrect
Question 12 of 15

12. Question
An inventory system which maintains up-to-date account balances for inventory at all times is termed a ____________ system.
Correct

Incorrect
Question 13 of 15

13. Question
An income statement approach which presents accounts by association (i.e., sales and cost of goods sold, etc.) is termed the ____________ format.
Correct

Incorrect
Question 14 of 15

14. Question
____________ expenses are those associated with the sale of merchandise, and ____________ expenses are those pertaining to management of the business.
Correct

Incorrect
Question 15 of 15

15. Question
To minimize the probability of error occurrence and improve the credibility of financial statements and reports, features known as ____________ are built into accounting systems.
Correct

Incorrect

Click here to visit the bookstore and purchase principlesofaccounting.com textbooks!

Additional Resources

Illustrative Entries

Examples of journal entries for numerous sample transactions

Account Types

Typical financial statement accounts with debit/credit rules and disclosure conventions

Glossary

Includes financial and managerial terms

Time Value of Money

Future and present value tables

Important Links

Classroom
ExamCram
Bookstore
YouTube videos
MyExceLab
Cookie Policy

Glossary Search

Principlesofaccounting.com ™ Copyright © 2023. All rights reserved.

Chapters 1-4
Chapters 5-8
Chapters 9-11
Chapters 12-14
Chapters 15-16
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20
Chapters 21-24
About the Author
Mission Statement
Contact Us
Terms of Use
Privacy Policy
Log out