Accounting Chapter 11

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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

16 Questions4 MinutesCreated by CalculatingBee723

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