1. If using special journals, sales made on account are recorded in the: a) Cash

Question

1.       If using special journals, sales made on account are recorded in the:

a)      Cash Disbursements Journal

b)      Cash Receipts Journal

c)       Purchases Journal

d)      Sales Journal

e)      None of the items listed

2.       If using special journals, purchases made on account are recorded in the:

a)      Cash disbursements Journal

b)      Purchases Journal

c)       Sales Journal

d)      Cash receipts Journal

e)      None of Above

3.       Current Assets Divided by current Liabilities=

a)      Current Ratio

b)      Day sales in inventory

c)       Quick ratio

d)      Acid-test ratio

e)      Inventory turnover

4.       Which Principle requires us to use the same inventory system each year instead of switching as needed to manipulate reported income?

a)      Matching principle

b)      Consistency principle

c)       Materiality concept

d)      Disclosure principle

5.       If using special journals, cash sales are recorded in the

a)      Non listed

b)      Sales journal

c)       Cash disbursements

d)      Cash receipts journal

e)      Purchases journal

6.       If using special journals, cash purchases of inventory are recorded in the:

A)      Cash receipts journal

B)      Cash disbursements journal

C)      Purchases journal

D)     Sales journal

7.       Gross margin percentage is calculated by dividing gross margin dollars by:

A)      Average inventory

B)      Sales discounts

C)      Net sales

D)     Net purchases

Explanation / Answer

a

d

b

c

b

a

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