Accounting Self-Assessment Quiz

Name:_________________________ Period:____ Date:_________ Glencoe Accounting (First-Year Course) Chapter 15, Section 3

1.	The purchase of insurance is recorded in
		Insurance Expense
		Prepaid Insurance
		Supplies
		Miscellaneous Expense

2.	When the supplier pays the shipping cost to the buyer`s destination or location it is called
		FOB destination
		FOB shipping point
		FOB supplier
		shipping charge

3.	Bankcard fee is
		a revenue account
		an expense account
		a liability account
		an asset account

4.	Insurance, when purchased, is considered
		an expense
		an asset
		a liability
		owner`s equity

5.	The cost of insurance protection is called
		a policy
		an installment
		a premium
		a loan

6.	To record the cash payment of a shipping charge, the journal entry is
		debit Accounts Payable and credit Transportation In
		debit Transportation in and credit Accounts Payable
		debit Cash in Bank and credit Transportation In
		debit Transportation In and credit Cash in Bank