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Accounts of a single type are kept in this ledger: A) supplemental ledger. B) additiona

Accounts of a single type are kept in this ledger: A) supplemental ledger. B) additiona

 Accounts of a single type are kept in this ledger:

A) supplemental ledger.

B) additional ledger.

C) subsidiary ledger.

D) None of these answers are correct.

 

32) When using a subsidiary ledger, the Accounts Receivable account in the general ledger is called the

A) master account.

B) subsidiary account.

C) receivable account.

D) controlling account.

 

33) The principal ledger containing all the balance sheet and income statement accounts is the

A) general ledger.

B) creditors' ledger.

C) customers' ledger.

D) subsidiary ledger.

 

34) Entries to customers' accounts for sales are posted in the

A) accounts receivable subsidiary ledger.

B) accounts payable subsidiary ledger.

C) fixed asset subsidiary ledger.

D) cash subsidiary ledger.

35) A checkmark in the PR column in the general journal means

A) the entry was recorded correctly.

B) the amount was posted to the controlling account.

C) the amount was recorded in the subsidiary ledger.

D) the entry was audited.

 

36) The normal balance of the accounts receivable subsidiary ledger is

A) credit.

B) debit.

C) It does not have a normal balance.

D) Not enough information provided.

 

37) A credit memorandum increases which account on the seller's books?

A) Accounts Payable

B) Purchases Returns and Allowances

C) Sales Returns and Allowances

D) Accounts Receivable

 

38) Which contra revenue account has a debit balance and is used to record cash discounts for early payment by a customer?

A) Sales Returns and Allowances

B) Sales Discount

C) Sales

D) Cost of Goods Sold

 

39) Which account is used by management to keep track of possible customer dissatisfaction?

A) Sales Returns and Allowances

B) Sales Discount

C) Sales

D) Cost of Goods Sold

40) Credit terms of n/10, EOM means that

A) if the bill is paid by the end of the month, a discount will be granted.

B) the bill is due 10 days before the end of the month.

C) if the bill is paid 10 days after the end of the month, a discount is allowed.

D) the bill is due 10 days after the end of the month and no discount is allowed

Tripti 06-Dec-2019

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