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Accounting Q1 & Q2 Test

Enter the letter for the matching Answer
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1.
a written order from the buyer of goods to the supplier, listing items wanted and the terms of the transaction
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2.
gross sales less sales returns and allowances and sales discounts
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3.
a trial balance taken after the temporary owner's equity accounts have been closed
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4.
an account that is used to reflect an obligation that is secured by a mortgage on certain property
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5.
Revenue: - on left or right?
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6.
current assets - current liabilities
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7.
land, building, equipment
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8.
gross profit minus operating expenses on a multiple-step income statement
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9.
a written agreement specifying that if the borrower does not repay a debt, the lender has the right to take over specific property to satisfy the debt
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10.
those obligations that will extend beyond one year or the normal operating cycle, whichever is longer
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11.
the number of times the merchandise inventory turned over, or was sold, during the accounting period
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12.
cash and all other assets expected to be converted into cash or consumes within one year or the normal operating cycle of the business, whichever is longer
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13.
those expenses associated with administrative or office operating expenses
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14.
assets that are expected to be used for more than one year in the operation of a business
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15.
net sales - cost of goods sold
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16.
a stock of goods that a company buys and intends to resell, in the same physical condition, at a profit
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17.
Expenses: - on left or right?
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18.
365 days divided by accounts receivable turnover
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19.
net credit sales divided by average accounts receivable
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20.
a group of accounts representing individual subdivisions of a controlling account (shows details of a T account)
A.
general expenses
B.
income from operations
C.
plant (fixed) assets
D.
left (debit)
E.
right (credit)
F.
post-closing trial balance
G.
purchase order
H.
mortgage
I.
inventory turnover
J.
subsidiary ledger
K.
accounts receivable turnover
L.
working capital
M.
gross profit
N.
fixed assets
O.
age of accounts receivable
P.
net sales
Q.
merchandise inventory
R.
current assets
S.
mortgage payable
T.
long-term liabilities
Type the Answer that corresponds to the displayed Question.
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21.
financial statement concerning net sales and net purchases
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22.
cash, notes receivable, accounts receivable, merchandise inventory, prepaid insurance, supplies
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23.
cost of plant and equipment less the accumulated depreciation amounts
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24.
365 days divided by inventory turnover
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25.
refers to the speed with which an asset can be converted to cash
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26.
net sales minus cost of goods sold
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27.
Revenue: + on left or right?
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28.
a form used to request that the purchasing department buy something. this form is intended for internal use within a company
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29.
books or original entry in which specialized types of repetitive transactions are recorded (used instead of general journal for specific transactions)
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30.
Capital: + on left or right?

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