Accounting Self-Assessment Quiz

Name:_________________________ Period:____ Date:_________ Glencoe Accounting (First-Year Course) Chapter 15, Section 2

1.	The journal entry for the purchase of merchandise on account is
		debit Accounts Payable and credit Purchases
		debit Purchases and credit Accounts Payable
		debit Purchases and credit Accounts Receivable
		debit Accounts Receivable and credit Purchases

2.	Purchases on account are recorded in the
		accounts receivable subsidiary ledger
		accounts payable subsidiary ledger
		general ledger
		purchase order file

3.	A notice to suppliers of a return or to request an allowance is called
		a debit memorandum
		a credit memorandum
		a purchase allowance
		a discount memorandum

4.	When a business keeps less than satisfactory merchandise and pays a reduced price it is called a
		purchase discount
		debit memorandum
		purchase allowance
		a subsidiary return

5.	A file used as a reminder of invoice due dates is called a
		tickler file
		tickle me Elmo
		reminder folder
		due date file

6.	To record a purchase return the accounts affected would be
		Accounts Payable and Purchases Returns and Allowances
		Accounts Payable, Accounts Payable subsidiary and Purchases Returns and Allowances
		Accounts Payable, Accounts Payable subsidiary and Sales
		Accounts Receivable, Accounts Receivable subsidiary and Sales

7.	The date an invoice is to be paid is called its
		payment date
		arrival date
		date of entry
		due date