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Chapter 19 Acc II Test

Enter the letter for the matching Answer
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1.
A document that details all the terms agreed to by seller and buyer for a sales transaction.
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2.
A cash discount on sales
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3.
Revenue is recorded at the time goods or services are sold.
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4.
Goods or services shipped out of a seller's home country to a foreign country.
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5.
A letter issued by a bank guaranteeing that a named individual or business will be paid a specified amount, provided stated conditions are met.
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6.
A statement prepared by the seller of merchandise addressed to the buyer, showing a detailed listing and description of merchandise sold, including prices and terms.
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7.
A form prepared by the vendor showing the amount deducted for returns and allowances.
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8.
Goods or services bought from a foreign country and brought into a buyer's home country.
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9.
A written, signed, and dated order from one party ordering another party, usually a bank, to pay money to a third party.
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10.
Visitors to foreign countries with a value added tax (---) typically are required to pay the ---. However, if items purchases exceed a specified amount, a refund of a portion of the --- can be requested.
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11.
List the order of posting journals.(5)
A.
Commercial invoice
B.
Credit memorandum
C.
1. Sales Journal 2. Purchases Journal 3. General Journal 4. Cash Receipts Journal 5. Cash Payments Journal
D.
Exports
E.
Imports
F.
Contract of sale
G.
Draft
H.
Letter of credit
I.
Realization of Revenue
J.
Sales discount
K.
VAT
Type the Answer that corresponds to the displayed Question.
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12.
A draft that is payable at a fixed or determinable future time after it is accepted.
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13.
A draft payable on sight when the holder presents it for payment.
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14.
A source document is prepared for each transaction.
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15.
10% discount if amount is paid in 10 days and whole amount must be paid in 30 days.
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16.
Credit allowed a customer for the sales price of returned merchandise, resulting in a decrease in the vendor's accounts receivable
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17.
A form signed by a buyer at the time of a sale of merchandise in which the buyer promises to pay the seller a specified sum of money, usually at a stated time in the future.
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18.
A special journal used to record only sales of merchandise on account.
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19.
Credit allowed a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the vendor's accounts receivable.
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20.
A receipt signed by the authorized agent of a transportation company for merchandise received that also serves as a contract for the delivery of the merchandise.
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21.
A special journal used to record only cash receipt transactions.

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