Accounting /POA Sec 3 Chap 5 Quiz

POA Sec 3 Chap 5 Quiz

Accounting9 CardsCreated 2 months ago

This deck covers key concepts from Chapter 5, focusing on Special Journals and related accounting practices.

Which of the following is not a Special Journal? General Journal Sales Journal Purchases Journal Sales Returns Journal

General Journal
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Key Terms

Term
Definition
Which of the following is not a Special Journal? General Journal Sales Journal Purchases Journal Sales Returns Journal
General Journal
Miki Dolls Limited, a credit customer of Cute Dolls Makers, returned dolls that were of the wrong model to Cute Dolls Makers. Which Special Journal should Cute Dolls Makers record the transaction in ? Purchases Journal Sales Returns Journal Purchases Returns Journal
Sales Returns Journal
Name the four Special Journals
Purchases Journal Sales Returns Journal Purchases Returns Journal Purchases Returns Journal
State the purpose of the Purchase Journals
records purchase of goods on credit from suppliers
State the purpose of the Purchase Returns Journals
records the return of goods to credit suppliers
State the purpose of the Sales Journals
records the sale of goods on credit to customers

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TermDefinition
Which of the following is not a Special Journal? General Journal Sales Journal Purchases Journal Sales Returns Journal
General Journal
Miki Dolls Limited, a credit customer of Cute Dolls Makers, returned dolls that were of the wrong model to Cute Dolls Makers. Which Special Journal should Cute Dolls Makers record the transaction in ? Purchases Journal Sales Returns Journal Purchases Returns Journal
Sales Returns Journal
Name the four Special Journals
Purchases Journal Sales Returns Journal Purchases Returns Journal Purchases Returns Journal
State the purpose of the Purchase Journals
records purchase of goods on credit from suppliers
State the purpose of the Purchase Returns Journals
records the return of goods to credit suppliers
State the purpose of the Sales Journals
records the sale of goods on credit to customers
State the purpose of the Sales Returns Journals
records the return of goods from credit customers
Explain three advantages of using Special Journals
Ease of retrieving information prevents overcrowding of the General ledger improve work efficiency and productivity
Explain what trade discount is, and why and when it is given
A deduction off the list price of goods or services. Given to encourage customers to buy in bulk, to encourage customer patronage and loyalty, and to clear excess or outdated goods