Accounting Chapter 11
Accounting Chapter 11 Quiz
Test your knowledge of accounting concepts with our comprehensive quiz on Chapter 11. This quiz is designed for anyone looking to enhance their understanding of accounting principles and practices.
With a mix of multiple choice questions, you will cover topics such as:
- Transaction posting in computerized systems
- Sales returns and allowances
- Dividend calculations
In a computerized accounting system, transactions are posted
Immediately
At the end of the month
Weekly
A completed journal page should be reviewed to make sure
Debits = credits
Everything was posted
A sales return that CREDITS the customer's account is recorded in
The sales journal
The purchases journal
The general journal
The cash receipts journal
Credit allowed for part of the purchase price of defective merchandise not returned
Changes the balance of accounts receivable
Changes the balance of accounts payable
Changes the balance of merchandise inventory
Does not change any balances
Dividends is a ____________ account
Temporary
Permanent
The normal balance of Purchases Returns and Allowances
Debit
Credit
An entry to accounts payable in the general journal gets posted to
One account
No accounts
Two accounts
An entry in a general journal increases the account debited and decreases the account credited.
True
False
Who declares dividends?
Owners
CEO
Board of Directors
Stockholders
Normal balance of Sales Returns and Allowances
Debit
Credit
Dividends are typically paid
As soon as they are declared
Within a week of being declared
The following year
A month after being declared
Dividends in a corporation are similar to _____________ in a sole proprietorship.
Capital
Equity
Drawing
Which of the following has a normal DEBIT balance
Capital Stock
Dividends
Income Summary
Retained Earnings
Dividends are calculated by
Counting the number of shares issued
Multiplying number of shares by dividend per share
Counting the number of shares outstanding
Dividing Retained Earnings by the number of shareholders
A return of merchandise to a vendor results in
Debit to purchases
Credit to Purchases Returns and Allowances
Credit to Purchases
Debit to Sales Returns and Allowances
At the end of the fiscal period, the balance of Dividends is closed to
Capital
Income Summary
Retained Earnings
Equity
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