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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

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Question 1 of 15

1. Question
Goods acquired by a retailer for resale to others is called ____________.
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Question 2 of 15

2. Question
The ____________ account is used strictly to record revenues that relate to cash and credit sales of merchandise.
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Question 3 of 15

3. Question
Once a return or allowance is authorized, the seller documents the transaction on a form known as a ____________.
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Question 4 of 15

4. Question
The Sales Returns and Allowances account and the Sales Discount account are known as ____________ revenue accounts.
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Question 5 of 15

5. Question
List price minus trade discounts equals ____________.
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Question 6 of 15

6. Question
A ____________ might be expressed as 2/10, n/30.
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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 ____________.
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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.
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Question 9 of 15

9. Question
The ____________ account is unique to the gross method of recording purchases (in contrast to the net method).
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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 ____________.
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Question 11 of 15

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

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Account Types

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

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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
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