Accounting Self-Assessment Quiz

Name:_________________________ Period:____ Date:_________ Glencoe Accounting (First-Year Course) Chapter 14, Section 2

1.	The journal entry for a cash refund is
		debit Cash in Bank, credit Sales Returns and Allowances
		debit Sales Returns and Allowances, credit Cash in Bank
		debit Cash in Bank, credit Sales
		debit Sales, credit Cash in Bank

2.	To make a purchase, charge customers may use
		their good looks
		a note from mom
		a credit card
		a letter of credit

3.	Charge customers balances are recorded on a ledger called
		a list of our customers
		Accounts Receivable
		a list of our charge customers
		Accounts Payable

4.	Sales tax is recorded as a
		debit to Sales Tax Payable, credit to Sales
		debit to Sales. credit to Sales Tax Payable
		debit to Sales Tax Payable, credit to Sales Tax Expense
		debit to Sales Tax Expense, credit to Sales Tax Payable

5.	A book that contains detailed data summarized to a controlling account in the general ledger is called a
		diary
		control summary
		subsidiary ledger
		substitute ledger

6.	The form that lists the details of a sale is called
		a sales slip
		an invoice
		a credit slip
		a slip `n slide

7.	The sale of merchandise that will be paid for at a later date is called a
		cash sale
		sale on account
		taxable sale
		liability sale

8.	The time allowed for payment to be made on a credit sale is called its
		term
		time
		allocation
		allowance

9.	A price reduction granted for damaged goods kept by the customer is called a
		sales return
		credit memorandum
		sales allowance
		cash sale

10.	Any merchandise returned for credit or a cash refund is called a
		sales return
		credit memorandum
		sales allowance
		cash sale