Question 1

Select the one term that best fits each definition
-A special journal used to record only cash receipt transactions.

Accepted Answer

A)   accounts receivable ledger
B)   batch report
C)   batching out
D)   cash receipts journal
E)   cash sale F)  markupG)  point-of-sale (POS)  terminalH)  sales discountI)  sales journalJ)  sales taxK)  schedule of accounts receivableL)  selling priceM)  terminal summary

Question 2

Select the one term that best fits each definition
-A listing of customer accounts, account balances, and total amount due from all customers.

Accepted Answer

A)   accounts receivable ledger
B)   batch report
C)   batching out
D)   cash receipts journal
E)   cash sale F)  markupG)  point-of-sale (POS)  terminalH)  sales discountI)  sales journalJ)  sales taxK)  schedule of accounts receivableL)  selling priceM)  terminal summary

Question 3

Select the one term that best fits each definition
-The report that summarizes the cash and credit card sales of a point-of-sale terminal.

Accepted Answer

A)   accounts receivable ledger
B)   batch report
C)   batching out
D)   cash receipts journal
E)   cash sale F)  markupG)  point-of-sale (POS)  terminalH)  sales discountI)  sales journalJ)  sales taxK)  schedule of accounts receivableL)  selling priceM)  terminal summary

Question 4

Select the one term that best fits each definition
-A subsidiary ledger containing all accounts for charge customers.

Accepted Answer

A)   accounts receivable ledger
B)   batch report
C)   batching out
D)   cash receipts journal
E)   cash sale F)  markupG)  point-of-sale (POS)  terminalH)  sales discountI)  sales journalJ)  sales taxK)  schedule of accounts receivableL)  selling priceM)  terminal summary

Question 5

Most businesses receive cash for credit and debit card sales

Accepted Answer

A)   at the end of the business day.
B)   by the start of the next business day.
C)   within 2-3 days after batching out.
D)   on the first day of the next month.

Question 6

The balance of Accounts Receivable should equal the total of the schedule of accounts receivable.

Accepted Answer

A) True 
 B)False

Question 7

A business should post sales on account transactions to the accounts receivable subsidiary ledger frequently to

Accepted Answer

A)   ensure the customer is invoiced for the sale.
B)   avoid errors in posting.
C)   follow generally accepted accounting principles.
D)   ensure each customer account will show an up-to-date balance.

Question 8

Credit terms of 2/10, n/30 mean that if the account is paid in

Accepted Answer

A)   2 days, a 10% discount will be allowed.
B)   10 days, a 2% discount will be allowed.
C)   10 days, a 30% discount will be allowed.
D)   30 days, a 2% discount will be allowed.

Question 9

Only the federal government can exempt from sales taxes some types of merchandise or sales to certain types of customers.

Accepted Answer

A) True 
 B)False

Question 10

Select the one term that best fits each definition
-A tax on a sale of merchandise or services.

Accepted Answer

A)   accounts receivable ledger
B)   batch report
C)   batching out
D)   cash receipts journal
E)   cash sale F)  markupG)  point-of-sale (POS)  terminalH)  sales discountI)  sales journalJ)  sales taxK)  schedule of accounts receivableL)  selling priceM)  terminal summary

Question 11

Select the one term that best fits each definition
-The amount a business adds to the cost of merchandise to establish the selling price.

Accepted Answer

A)   accounts receivable ledger
B)   batch report
C)   batching out
D)   cash receipts journal
E)   cash sale F)  markupG)  point-of-sale (POS)  terminalH)  sales discountI)  sales journalJ)  sales taxK)  schedule of accounts receivableL)  selling priceM)  terminal summary

Exam 10: Accounting for Sales and Cash Receipts

Only the federal government can exempt from sales taxes some types of merchandise or sales to certain types of customers.

Correct Answer
verified

Select the one term that best fits each definition -The amount a business adds to the cost of merchandise to establish the selling price.

Correct Answer
verified

Credit terms of 2/10, n/30 mean that if the account is paid in

Correct Answer
verified

Select the one term that best fits each definition -A listing of customer accounts, account balances, and total amount due from all customers.

Correct Answer
verified

Select the one term that best fits each definition -A subsidiary ledger containing all accounts for charge customers.

Correct Answer
verified

Most businesses receive cash for credit and debit card sales

Correct Answer
verified

Select the one term that best fits each definition -A special journal used to record only cash receipt transactions.

Correct Answer
verified

Select the one term that best fits each definition -The report that summarizes the cash and credit card sales of a point-of-sale terminal.

Correct Answer
verified

A business should post sales on account transactions to the accounts receivable subsidiary ledger frequently to

Correct Answer
verified

Select the one term that best fits each definition -A tax on a sale of merchandise or services.

Correct Answer
verified

The balance of Accounts Receivable should equal the total of the schedule of accounts receivable.

Correct Answer
verified

Exam 10: Accounting for Sales and Cash Receipts

Only the federal government can exempt from sales taxes some types of merchandise or sales to certain types of customers.

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition -The amount a business adds to the cost of merchandise to establish the selling price.

Correct AnswerverifiedShow Answer

Credit terms of 2/10, n/30 mean that if the account is paid in

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition -A listing of customer accounts, account balances, and total amount due from all customers.

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition -A subsidiary ledger containing all accounts for charge customers.

Correct AnswerverifiedShow Answer

Most businesses receive cash for credit and debit card sales

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition -A special journal used to record only cash receipt transactions.

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition -The report that summarizes the cash and credit card sales of a point-of-sale terminal.

Correct AnswerverifiedShow Answer

A business should post sales on account transactions to the accounts receivable subsidiary ledger frequently to

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition -A tax on a sale of merchandise or services.

Correct AnswerverifiedShow Answer

The balance of Accounts Receivable should equal the total of the schedule of accounts receivable.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
verified

Correct Answer
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