Accounting Self-Assessment Quiz

Name:_________________________ Period:____ Date:_________ Glencoe Accounting (First-Year Course) Chapter 15, Section 1

1.	a written request that a certain item be purchased is called a
		purchase order
		merchandise request
		process order
		purchase requisition

2.	The journal entry for recording purchases of merchandise for cash is
		debit Cash in Bank and credit Purchases
		debit Purchases and credit Cash in Bank
		debit Accounts Receivable and credit Purchases
		debit Purchases and credit Accounts Receivable

3.	An offer to charge customers to reduce their sale for early payment is called a
		sales discount
		purchases discount
		revenue reduction
		merchandise discount

4.	A written offer to a supplier to buy certain items is called a
		purchase order
		merchandise request
		process order
		purchase requisition

5.	Information placed on an invoice that outlines a set of steps to be followed in preparing the invoice for payment is
		a processing stamp
		an invoice
		a packing slip
		a purchase order

6.	A form that lists the items included in shipment is called a
		shipping slip
		laundry list
		packing slip
		requisition slip

7.	The account used to record the cost of merchandise purchased during the fiscal period is the
		Cost of Merchandise account
		Merchandise account
		Purchases account
		Sales account

8.	A discount on merchandise purchased is calculated by
		adding the discount rate to the purchase amount
		dividing the purchase amount by the discount rate
		subtracting the discount rate from the purchase amount
		multiplying the purchase amount by the discount rate