A specialized computer used to collect, store, and report all the information about sales transaction.
What is Point-of-sale (POS) Terminal
100
The amount a business receives from the sale of an item of merchandise.
What is Selling Price?
100
A tax on a sale of merchandise or services.
What is Sales Tax?
100
When merchandise is sold on account and sales tax is also collected. A.) A/Rec is credited for the total sale and sales tax B.) the A/Rec balance is increased. C.) Sales is debited for the price of the goods. D.) the sales tax is not reported.
What is B.) the A/Rec balance is increased.
100
The amount of cash received for a sale on account of $1,080 when the cash is received withing 2% discount period is
A.) $1,080 B.) $1,062 C.) $1,058.40 D.) $1,053.60
What is C.) $1,058.40
200
The report that summarizes the cash and credit card sales of a point-of-sale terminal.
What is Terminal Summary?
200
A subsidiary ledger containing all accounts for charge customers.
What is Accounts Rec. Ledger?
200
The amount a business adds to the cost of merchandise to establish selling price.
What is Markup?
200
Marris Company records $1,000 sale on account on May 23. On June 6, the customer pays the account. The sale should be recorded in the A.) Sales Journal May 23 B.) Cash Receipts Journal on May 23 C.) Sales Journal on June 6. D.)Cash Receipts Journal on June 6.
What is A.) Sales Journal on May 23.
200
Most businesses receives cash and debit card sales. 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
What is C.) within 2-3 days after batching out
300
The process of preparing a batch report from a point-of-sale terminal.
What is Batching Out?
300
A special journal used to record only sales of merchandise on account.
What is Sales Journal?
300
A listing of customer accounts, account balances, and total amount due from all customers.
What is Schedule of Accounts Rec.?
300
For a sale on account of $1,000 plus sales tax of $80, the amount recorded in the Accts. Rec. amount column of a sales journal is A.) $1,080 B.) $1,000 C.) $920 D.)$80
What is A.) $1,080
300
Credit terms of 2/10, n/30 mean that if the account is paid in A.) 2 days, a 10% discount will be allowed. B.) 10 days, a 2% discount will be allowed. C.) 10 days, a 30% discount
What is B.) 10 days, a 2% discount will be allowed.
400
A special journal used to record only cash receipt transactions.
What is Cash Receipts Journal?
400
A sale in which the customer pays for the total amount of the sale at the time of the transaction.
What is Cash Sale?
400
A batch report is a detailed report of cash sales during a specific period of time. True or False
What is False? What is the correct answer for bonus 100.
400
The amount of sales tax on a sale is calculated as the price of goods A.) plus the sales tax rate B.) times the sales tax rate C.)minus the sales tax rate D.) divided by the sales tax rate
What is B.) times the sales tax
400
Only the federal government can exempt from sales taxes on some types of merchandise or sales to certain types of customers. True or False
What is False?
(if this was true it would be what?) bonus 100
500
A cash discount on a sale taken by the customer.
What is Sales Discount?
500
A report of credit card sales produced by a point-of-sale terminal.
What is Batch Report?
500
Sales Tax Payable has a normal balance of credit.
True or False
What is True?
500
A business should post sales on account transactions to the accounts rec. subsidiary ledger frequently to 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.
What is D.) ensure each customer account will show an up-to-date balance.
500
The balance of Accounts Rec. should equal the total of the Schedule of Accounts Rec. True or False
What is True? ( if you don't balance what does that mean?) bonus 100