Accounting Self-Assessment Quiz

Name:_________________________ Period:____ Date:_________ Glencoe Accounting (First-Year Course) Chapter 14, Section 1

1.	The items of merchandise a business has in stock are referred to as
		inventory
		stock
		trade merchandise
		goods

2.	A business that sells to the consumer is a
		wholesaler
		sole proprietor
		retailer
		merchandiser

3.	The normal balance of the Sales account is
		zero
		a debit
		a credit
		either a debit or a credit

4.	When a sale on account is recorded, the alternate side of the journal entry is
		a debit to Accounts Receivable
		a credit to Accounts Receivable
		a debit to Cash in Bank
		a credit to Cash in Bank

5.	A merchandising business produces revenue through a series of transactions called the
		business cycle
		operating cycle
		accounting cycle
		bicycle

6.	The goods bought for resale are called
		inventory
		stock
		merchandise
		goods

7.	At the beginning of an accounting period, the dollar amount of merchandise in stock is indicated by
		a debit in the Merchandise Inventory account
		a credit balance in the Merchandise Inventory account
		a debit balance in the Purchases account
		a credit balance in the Purchases account