Corporate Accounting
Midterm Exam
Course Introduction
Corporate Accounting focuses on the foundational principles and practices used in the accounting systems of corporations. This course covers key topics such as the preparation and analysis of financial statements, accounting for share capital, debentures, and reserves, as well as the treatment of dividends and corporate income tax. Students will explore the regulatory framework governing corporate financial reporting, mergers and acquisitions, and liquidation of companies. Emphasis is placed on understanding the legal and practical aspects of accounting entries, compliance requirements, and the interpretation of financial information for decision-making within a corporate setting.
Recommended Textbook
Horngrens Financial and Managerial Accounting 4th Edition by Miller Nobles
Available Study Resources on Quizplus
27 Chapters
3949 Verified Questions
3949 Flashcards
Source URL: https://quizplus.com/study-set/3505 Page 2
Chapter 1: Accounting and the Business Environment
Available Study Resources on Quizplus for this Chatper
153 Verified Questions
153 Flashcards
Source URL: https://quizplus.com/quiz/69608
Sample Questions
Q1) Which of the following transactions will affect the balance of retained earnings?
A)issued common stock for cash
B)paid rent expense for the month
C)purchased land for cash
D)collection on account
Answer: B
Q2) The income statement is also called the statement of financial position.
A)True
B)False
Answer: False
Q3) Which of the following is the correct accounting equation?
A)Assets + Liabilities = Equity
B)Assets = Liabilities + Equity
C)Assets + Revenues = Equity
D)Assets + Revenues = Liabilities + Expenses
Answer: B
To view all questions and flashcards with answers, click on the resource link above.
Page 3
Chapter 2: Recording Business Transactions
Available Study Resources on Quizplus for this Chatper
154 Verified Questions
154 Flashcards
Source URL: https://quizplus.com/quiz/69609
Sample Questions
Q1) The accounting process of transferring a transaction from the journal to the ledger is called ________.
A)journalizing
B)posting
C)compounding
D)sourcing
Answer: B
Q2) Which of the following accounts decreases with a debit?
A)Accounts Receivable
B)Notes Payable
C)Cash
D)Land
Answer: B
Q3) A business pays $500 cash for office supplies.Which of the following accounts will be credited?
A)Cash
B)Accounts Payable
C)Office Supplies
D)Utilities Expense
Answer: A
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: The Adjusting Process
Available Study Resources on Quizplus for this Chatper
152 Verified Questions
152 Flashcards
Source URL: https://quizplus.com/quiz/69610
Sample Questions
Q1) Healthy Living,a diet magazine,collected $480,000 in subscription revenue on May 31.Each subscriber will receive an issue of the magazine for each of the next 12 months,beginning with the June issue.The company uses the accrual method of accounting.What is the balance in the Unearned Revenue account as of December 31?
A)$200,000
B)$280,000
C)$480,000
D)$351,000
Answer: A
Q2) An internal document that helps summarize data for the preparation of financial statements is called a ________.
A)journal
B)ledger
C)worksheet
D)chart of accounts
Answer: C
To view all questions and flashcards with answers, click on the resource link above. Page 5
Chapter 4: Completing the Accounting Cycle
Available Study Resources on Quizplus for this Chatper
156 Verified Questions
156 Flashcards
Source URL: https://quizplus.com/quiz/69611
Sample Questions
Q1) Reversing entries are dated on the first day of the new accounting period.
A)True
B)False
Q2) Which of the following is a measure of how quickly an item can be converted to cash?
A)debt ratio
B)current ratio
C)liquidity
D)accounting cycle
Q3) Which of the following accounts will be included in a post-closing trial balance?
A)Service Revenue
B)Rent Expense
C)Interest Expense
D)Unearned service revenue
Q4) Net income (loss)is the difference between the total debits and the total credits in the income statement columns of the worksheet.
A)True
B)False
Q5) Provide the closing entry for Service Revenue.
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: Merchandising Operations
Available Study Resources on Quizplus for this Chatper
160 Verified Questions
160 Flashcards
Source URL: https://quizplus.com/quiz/69612
Sample Questions
Q1) If goods are sold on terms FOB shipping point,the ________.
A)seller normally pays the transportation costs
B)buyer normally pays the transportation costs
C)buyer and the seller split the shipping costs
D)shipping company bears the transportation cost
Q2) The main expense of a merchandiser is ________.
A)cost of goods sold
B)current assets
C)selling and administrative cost
D)production overheads
Q3) If a merchandiser uses the periodic inventory system,it is necessary to conduct a physical count of inventory to determine the quantity of inventory on hand.
A)True
B)False
Q4) The gross profit percentage is one of the most important measures of ________.
A)profitability
B)liquidity
C)solvency
D)marketability
Q5) Give the journal entry to close the Sales Revenue account.
Page 7
To view all questions and flashcards with answers, click on the resource link above.
Chapter 6: Merchandise Inventory
Available Study Resources on Quizplus for this Chatper
155 Verified Questions
155 Flashcards
Source URL: https://quizplus.com/quiz/69613
Sample Questions
Q1) Which of the following is the correct formula to calculate days' sales in inventory?
A)Days' sales in inventory = 365 days × Inventory turnover
B)Days' sales in inventory = 365 days + Inventory turnover
C)Days' sales in inventory = 365 days ÷ Inventory turnover
D)Days' sales in inventory = 365 days - Inventory turnover
Q2) A company purchased 100 units for $30 each on January 31.It purchased 150 units for $25 on February 28.It sold a total of 150 units for $50 each from March 1 through December 31.If the company uses the weighted-average inventory costing method,calculate the amount of ending inventory on December 31.(Assume that the company uses a perpetual inventory system.)
A)$6,750
B)$2,700
C)$4,350
D)$2,900
Q3) Henderson Sales sold 400 units of product to a customer on account.The selling price was $28 per unit,and the cost,according to the company's inventory records,was $14 per unit.Provide the journal entry to record the cost of goods sold.(Assume a perpetual inventory system.)
To view all questions and flashcards with answers, click on the resource link above. Page 8
Chapter 7: Internal Control and Cash
Available Study Resources on Quizplus for this Chatper
160 Verified Questions
160 Flashcards
Source URL: https://quizplus.com/quiz/69614
Sample Questions
Q1) Petty cash is a fund containing a small amount of cash that is used to pay for minor expenditures.
A)True
B)False
Q2) Which is the most liquid form of assets?
A)cash
B)accounts receivable
C)inventory
D)supplies
Q3) As a part of the internal control over cash receipts by mail,the mailroom sends both the customer checks and the remittance advices to the accounting department.
A)True
B)False
Q4) Which of the following is true of the bank reconciliation?
A)It should not be prepared by an employee who handles cash transactions.
B)It is prepared in place of the cash ledger.
C)It is a financial statement.
D)It guarantees that no errors have been made.
To view all questions and flashcards with answers, click on the resource link above.
Page 9
Chapter 8: Receivables
Available Study Resources on Quizplus for this Chatper
138 Verified Questions
138 Flashcards
Source URL: https://quizplus.com/quiz/69615
Sample Questions
Q1) Accounts receivable are also known as trade receivables.
A)True
B)False
Q2) A method of accounting for uncollectible receivables in which the company estimates bad debts expense instead of waiting to see which customers the company will not collect from is known as the allowance method.
A)True
B)False
Q3) Which of the following is included in the denominator of the acid-test ratio?
A)Total current liabilities less accounts payable
B)Total liabilities
C)Total current liabilities
D)Total current assets
Q4) Companies that follow GAAP are required to use the direct write-off method for uncollectible accounts receivable.
A)True
B)False
Q5) Give journal entry to record the dishonor of a note receivable at the maturity date.
To view all questions and flashcards with answers, click on the resource link above.
Page 10
Chapter 9: Plant Assets, natural Resources, and Intangibles
Available Study Resources on Quizplus for this Chatper
151 Verified Questions
151 Flashcards
Source URL: https://quizplus.com/quiz/69616
Sample Questions
Q1) What amount should be recorded as the land improvements cost?
A)$1,200
B)$1,800
C)$1,860
D)$800
Q2) Discarding of plant assets involves disposing of the asset for no cash.
A)True
B)False
Q3) An intangible asset is an asset with no physical form that is valuable because of the special rights it carries.
A)True
B)False
Q4) Fred Inc.owns a delivery truck.Which of the following costs,associated with the truck,will be treated as a revenue expenditure?
A)oil change and lubrication
B)major engine overhaul
C)modification for new use
D)addition to storage capacity
Q5) Give journal entry to record the acquisition of a plant asset for cash.
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 10: Investments
Available Study Resources on Quizplus for this Chatper
135 Verified Questions
135 Flashcards
Source URL: https://quizplus.com/quiz/69617
Sample Questions
Q1) A company that is controlled by another corporation is called a parent company.
A)True
B)False
Q2) Significant interest investments must be accounted for using the equity method.
A)True
B)False
Q3) The rate of return on total assets measures ________.
A)a company's ability to meet its short-term obligations
B)a company's ability to repay its long-term debt
C)a company's success in using assets to earn a profit
D)a company's investing flexibility
Q4) Which of the following is true of securities?
A)They are commonly traded on an exchange.
B)They are assets traded between companies working in the same industry.
C)They are intangible assets traded in the stock exchange.
D)They don't represent any ownership interests.
Q5) At the end of each period,trading securities must be adjusted and reported at fair value.
A)True
B)False
12
To view all questions and flashcards with answers, click on the resource link above.
Chapter 11: Current Liabilities and Payroll
Available Study Resources on Quizplus for this Chatper
162 Verified Questions
162 Flashcards
Source URL: https://quizplus.com/quiz/69618
Sample Questions
Q1) It is mandatory for both the employer and employee to pay ________.
A)FICA
B)SUTA
C)Employee income tax
D)Federal unemployment tax
Q2) A certain contingent liability was evaluated at year-end,and considered to have a reasonable possibility of becoming an actual liability.If the accountant decided not to report it on the balance sheet or in the notes to the financial statements,this could be considered a violation of generally accepted accounting principles.
A)True
B)False
Q3) Which of the following occurs when a company records accrued interest expense on a note payable?
A)Interest Expense is credited
B)Note Payable is credited
C)Cash is debited
D)Interest Payable is credited
Q4) What amount represents the current portion of Long-term Notes Payable at December 31,2014?
To view all questions and flashcards with answers, click on the resource link above. Page 13
Chapter 12: Long-Term Liabilities
Available Study Resources on Quizplus for this Chatper
151 Verified Questions
151 Flashcards
Source URL: https://quizplus.com/quiz/69619
Sample Questions
Q1) On March 1,2015,Vantage Services issued a 5% long-term notes payable for $20,000.It is payable over a 10-year term in $2,000 principal installments on March 1 of each year,beginning March 1,2016.Each yearly installment will include both principal repayment of $2,000 and interest payment for the preceding one-year period.The journal entry to pay the first installment will include a debit to the Interest Expense account for $1,000.
A)True
B)False
Q2) Blandings Glassware Company issues $1,000,000 of 8%,10-year bonds at 98 on February 28,2014.The bonds pay interest on February 28 and August 31.Assume that Blandings uses the straight-line method for amortization.The journal entry to record the first interest payment on August 31,2014 would be a ________.
A)debit to Cash for $40,000
B)debit to Interest Expense for $41,000
C)debit to Interest Expense for $39,000
D)debit to Discount on Bonds Payable for $1,000
Q3) On January 1,2013,Davie Services issued $20,000 of 8% bonds that mature in five years.They were sold at a premium,for a total of $20,750.Provide the journal entry to issue bonds.
To view all questions and flashcards with answers, click on the resource link above.
Page 14
Chapter 13: Stockholders Equity
Available Study Resources on Quizplus for this Chatper
158 Verified Questions
158 Flashcards
Source URL: https://quizplus.com/quiz/69620
Sample Questions
Q1) Stock dividends are distributed to stockholders in proportion to the number of shares each stockholder already owns.
A)True
B)False
Q2) If preferred stock is noncumulative,then the company needs to pay dividends that were passed in previous years.
A)True
B)False
Q3) Which of the following will happen to a stockholder's percentage ownership in the stock of a corporation when the corporation declares a stock dividend?
A)The stockholder's percentage ownership decreases.
B)The stockholder's percentage ownership can increase or decrease.
C)The stockholder's percentage ownership increases.
D)The stockholder's percentage ownership remains unchanged.
Q4) The declaration and payment of cash dividends cause a decrease in both assets (Cash)and stockholders' equity (Retained Earnings)for the corporation.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 15
Chapter 14: The Statement of Cash Flows
Available Study Resources on Quizplus for this Chatper
154 Verified Questions
154 Flashcards
Source URL: https://quizplus.com/quiz/69621
Sample Questions
Q1) Cash borrowed on a mortgage note would be a(n)________ activity on the statement of cash flows.
A)operating
B)investing
C)financing
D)non-cash
Q2) Which of the following statements is true of the direct and indirect methods of preparing the statement of cash flows?
A)The indirect method and the direct method will produce the same amount of net cash flow from operating activities.
B)The investing activities section is the only section that differs between the direct and indirect methods.
C)The indirect method shows three types of cash flows,but the direct method does not.
D)The operating activities section of both the direct and the indirect methods are the same.
To view all questions and flashcards with answers, click on the resource link above.
16
Chapter 15: Financial Statement Analysis
Available Study Resources on Quizplus for this Chatper
113 Verified Questions
113 Flashcards
Source URL: https://quizplus.com/quiz/69622
Sample Questions
Q1) Which of the following is the base amount when performing vertical analysis of an income statement?
A)total expenses
B)net sales
C)sales revenue
D)gross profit
Q2) A corporation has 2,000 shares,10% preferred stock of $50 par,and 6,000 shares of common stock outstanding.The net income for the year is $250,000.Calculate earnings per share.
A)$50
B)$40
C)$42
D)$125
Q3) The current ratio is a key indicator of a company's ability to pay current liabilities.
A)True
B)False
Q4) An annual report provides information about a company's financial condition.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 17
Chapter 16: Introduction to Managerial Accounting
Available Study Resources on Quizplus for this Chatper
179 Verified Questions
179 Flashcards
Source URL: https://quizplus.com/quiz/69623
Sample Questions
Q1) What is the amount of manufacturing overhead incurred by the company in March?
A)$20,000
B)$30,270
C)$13,430
D)$136,570
Q2) Which of the following correctly describes the accounting for indirect labor costs?
A)Indirect labor costs are product costs and are expensed as incurred.
B)Indirect labor costs are period costs and are expensed as incurred.
C)Indirect labor costs are product costs and are expensed when the manufactured product is sold.
D)Indirect labor costs are period costs and are expensed when the manufactured product is sold.
Q3) The cost of goods manufactured includes selling expenses,administrative expenses,and manufacturing overhead.
A)True
B)False
Q4) Wages and benefits of assembly line workers are period costs.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 18
Chapter 17: Job Order Costing
Available Study Resources on Quizplus for this Chatper
152 Verified Questions
152 Flashcards
Source URL: https://quizplus.com/quiz/69624
Sample Questions
Q1) Manufacturing overhead is allocated by debiting the Work-in-Process Inventory account and crediting the Manufacturing Overhead account.
A)True
B)False
Q2) At January 1,2015,Feldstein Manufacturing had a beginning balance in Work-in-Process Inventory of $80,000 and a beginning balance in Finished Goods Inventory of $20,000.During the year,Feldstein incurred manufacturing costs of $350,000. During the year,the following transactions occurred:
Job A-12 was completed for a total cost of $120,000 and was sold for $125,000.
Job A-13 was completed for a total cost of $200,000 and was sold for $210,000.
Job A-15 was completed for a total cost $60,000,but was not sold as of year-end.
What was the balance in Finished Goods Inventory at the end of the year?
A)$60,000 debit balance
B)$40,000 credit balance
C)$80,000 debit balance
D)$30,000 debit balance
Q3) Pandora Manufacturing purchased $95,000 of raw materials on account and $5,000 raw materials for cash.The materials will be used to produce furniture.Provide the journal entry for the purchase of materials.
To view all questions and flashcards with answers, click on the resource link above.
Page 19
Chapter 18: Process Costing
Available Study Resources on Quizplus for this Chatper
144 Verified Questions
144 Flashcards
Source URL: https://quizplus.com/quiz/69625
Sample Questions
Q1) Under a process costing system,costs of completed products are transferred to the Finished Goods Inventory at the end of the accounting period.
A)True
B)False
Q2) A textile manufacturing company is most likely to use job order costing to arrive at the cost per unit of textile manufactured and sold to customers.
A)True
B)False
Q3) The journal entry to record indirect labor costs incurred includes a debit to Manufacturing Overhead and credit to Wages Payable.
A)True
B)False
Q4) Under the first-in-first-out (FIFO)method,the current-period equivalent units of production for the units in the beginning inventory is always 100%.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 20
Chapter 19: Cost Management Systems: Activity-Based, just-In-Time, and Quality Management Systems
Available Study Resources on Quizplus for this Chatper
124 Verified Questions
124 Flashcards
Source URL: https://quizplus.com/quiz/69626
Sample Questions
Q1) Webster Inc.has received a bid for 12,000 units.The costing estimates show that the average cost per unit for this bid will be $600.The company uses cost-based pricing and adds 25% markup to total costs.What total price will Webster ask for the entire order?
A)$9,000,000
B)$7,200,000
C)$1,800,000
D)$2,250,000
Q2) ________ in just-in-time management systems is completed in self-contained work cells.
A)Selling
B)Production
C)Administration
D)Purchasing
Q3) Cost incurred in the inspection of final products or services is an example of a(n)________.
A)prevention cost
B)appraisal cost
C)internal failure cost
D)external failure cost
21
To view all questions and flashcards with answers, click on the resource link above.
Chapter 20: Cost-Volume-Profit Analysis
Available Study Resources on Quizplus for this Chatper
150 Verified Questions
150 Flashcards
Source URL: https://quizplus.com/quiz/69627
Sample Questions
Q1) Arturo Company's Model A generator sells for $456 and Model B sells for $390.The variable cost of Model A is $404 and of Model B is $320.The company will generate lower revenues but a higher net income if it sells more of Model B than Model A.
A)True
B)False
Q2) The breakeven point is the point where the sales revenues are equal to the total variable costs plus the total fixed costs.
A)True
B)False
Q3) Anthony Chemicals Inc.has fixed costs of $30,000 per month.Highest production volume during the year was in January when 100,000 units were produced,75,000 units were sold,and total costs of $630,000 were incurred.In June,the company produced only 55,000 units.What was the total cost incurred in June?
A)$480,000
B)$360,000
C)$630,000
D)$830,000
To view all questions and flashcards with answers, click on the resource link above. Page 22
Chapter 21: Variable Costing
Available Study Resources on Quizplus for this Chatper
120 Verified Questions
120 Flashcards
Source URL: https://quizplus.com/quiz/69628
Sample
Questions
Q1) High-Tech Computer Services provide services to corporate and individual customers.During the month of June,the corporate business segment provided services to 500 customers and earned $60,000 in revenue.The individual business segment provided services to 400 customers and earned $35,000 in revenue.The variable costs for the corporate and individual business segment amounted $32,500 and $25,300,respectively.Additionally,the fixed costs of the company amounted to $8,500.Calculate the contribution margin from each customer of the individual business segment.
A)$55.00
B)$24.25
C)$41.34
D)$13.63
Q2) Calculate the contribution margin and the contribution margin ratio.
A)$8,520; 17.0%
B)$7,550; 15.1%
C)$8,250; 16.5%
D)$7,150; 14.3%
Q3) The traditional income statement format is prepared under absorption costing.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 23
Chapter 22: Master Budgets
Available Study Resources on Quizplus for this Chatper
114 Verified Questions
114 Flashcards
Source URL: https://quizplus.com/quiz/69629
Sample Questions
Q1) There are no budgeted capital expenditures or financing transactions during the quarter.Based on the above data,calculate the projected cash balance at the end of May.
A)$22,000
B)$21,900
C)$23,700
D)$46,100
Q2) Which of the following statements is true of the operating budget?
A)It is a part of the financial budget.
B)It includes the capital expenditures budget.
C)It includes the sales revenue budget.
D)Its final component is the cash budget.
Q3) Which of the following is an example of the coordination and communication function of a budget?
A)A budget demands integrated input from different business units and functions.
B)Employees are motivated to achieve the goals set by the budget.
C)Budget figures are used to evaluate the performance of managers.
D)The budget outlines a specific course of action for the coming period.
To view all questions and flashcards with answers, click on the resource link above.
Chapter 23: Flexible Budgets and Standard Cost Systems
Available Study Resources on Quizplus for this Chatper
174 Verified Questions
174 Flashcards
Source URL: https://quizplus.com/quiz/69630
Sample Questions
Q1) Favorable and unfavorable variances are subtracted from each other to arrive at a net favorable or unfavorable variance.
A)True
B)False
Q2) Onyx Décor Company has prepared a static budget at the beginning of the month.At the end of the month,the following information has been retrieved from the records. Static budget:
Sales volume: 2,000 units: Price: $50 per unit
Variable expense: $12 per unit: Fixed expenses: $25,000 per month
Operating income: $51,000
Actual results:
Sales volume: 1,800 units: Price: $58 per unit
Variable expense: $16 per unit: Fixed expenses: $35,000 per month
Operating income: $40,600
Calculate the flexible budget variance for variable expenses.
A)$5,490 U
B)$2,970 U
C)$7,200 U
D)$3,960 F
To view all questions and flashcards with answers, click on the resource link above. Page 25
Chapter 24: Responsibility Accounting and Performance Evaluation
Available Study Resources on Quizplus for this Chatper
120 Verified Questions
120 Flashcards
Source URL: https://quizplus.com/quiz/69631
Sample Questions
Q1) How much is the percentage variance for the flexible budget variance for sales revenue?
A)1.7 % F
B)1.7 % U
C)3.4 % U
D)3.4 % F
Q2) Managers of investment centers are responsible not only for generating profits but also to ensure the efficient use of assets of the investment centers.
A)True
B)False
Q3) What is the sales volume variance for the 36 inch long pipe?
A)$1,850 U
B)$9,000 F
C)$10,000 U
D)$1,500 F
Q4) The manager of a profit center is responsible for generating revenues and managing the center's invested capital.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Chapter 25: Short-Term Business Decisions
Available Study Resources on Quizplus for this Chatper
161 Verified Questions
161 Flashcards
Source URL: https://quizplus.com/quiz/69632
Sample Questions
Q1) The company is thinking of dropping product line F because it is reporting an operating loss.Assuming fixed costs are unavoidable,if Macaulay drops product line F,and rents the space formerly used to produce product F for $17,000 per year,total income will be ________.
A)$10,000
B)$12,000
C)$20,000
D)$25,000
Q2) If a business is considering buying a new vehicle,the cost of insurance on the new vehicle is the information that is relevant to the business decision.
A)True
B)False
Q3) What is the contribution margin per machine hour for the Bedford lamp?
A)$4 per machine hour
B)$2 per machine hour
C)$6 per machine hour
D)$8 per machine hour
To view all questions and flashcards with answers, click on the resource link above.
Chapter 26: Capital Investment Decisions
Available Study Resources on Quizplus for this Chatper
122 Verified Questions
122 Flashcards
Source URL: https://quizplus.com/quiz/69633
Sample Questions
Q1) Which of the following best describes sensitivity analysis?
A)setting the budgets of an investment
B)analyzing the effect of an investment on workers' morale
C)evaluating the different investment options available
D)testing the results of an investment analysis with varying assumptions
Q2) An annuity refers to a series of equal cash flows received or paid annually.
A)True
B)False
Q3) The payback method can only be used when the net cash inflows from a capital investment are the same for each period.
A)True
B)False
Q4) The accounting rate of return is calculated by dividing the average annual operating income by the average amount invested.
A)True
B)False
Q5) The payback method uses discounted cash flows to make investment decisions. A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 28
Chapter 27: Accounting Information Systems
Available Study Resources on Quizplus for this Chatper
137 Verified Questions
137 Flashcards
Source URL: https://quizplus.com/quiz/69607
Sample Questions
Q1) An automobile company purchases spark plugs,for cash.When using a manual accounting information system,the company will record this transaction in the
A)purchases journal
B)general journal
C)cash payments journal
D)sales journal
Q2) Mercury Corporation receives a landscaping bill on January 15 and is required to pay it before February 15.In which of the following functions of QuickBooks will this transaction be recorded on the date of payment of the bill?
A)Receive Payments
B)Enter Bills
C)Invoices
D)Pay Bills
Q3) Entries from the purchases journal are posted monthly to the accounts payable subsidiary ledger and daily to the general ledger.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
29