Unlock your path to mastering accounting with our comprehensive Quiz on Chapter 11! Dive into the essentials of cost accounting, invoice management, and accounts payable with targeted questions designed to test and enhance your understanding. Whether you're a business student or a management profes...
Circle the letter of the Answer that corresponds to the displayed Question.
1. Cost of Merchandise Sold
a) Shipping terms indicating that transportation charges are paid by the seller.
b) The difference between the goods available for sale and the ending inventory.
c) A document prepared by the seller as a bill for the merchandise shipped. To the seller, this is a sales
invoice. To the buyer, this is a purchase invoice.
d) The difference between net sales and cost of goods sold.
Correct Answer: The difference between the goods available for sale and the ending inventory.
Explanation: Cost of Merchandise Sold is calculated as the difference between the goods available for
sale and the ending inventory.
2. Invoice
a) Merchandise acquired for sales to customers.
b) A form used to request the purchase of merchandise or other property.
c) A written order to buy goods from a specific vendor (supplier).
d) A document prepared by the seller as a bill for the merchandise shipped. To the seller, this is a sales
invoice. To the buyer, this is a purchase invoice.
Correct Answer: A document prepared by the seller as a bill for the merchandise shipped. To the seller,
this is a sales invoice. To the buyer, this is a purchase invoice.
Explanation: An invoice is a document prepared by the seller as a bill for the merchandise shipped,
known as a sales invoice to the seller and a purchase invoice to the buyer.
3. Schedule of Accounts Payable
a) The difference between the goods available for sale and the ending inventory.
b) A written order to buy goods from a specific vendor (supplier).
c) The difference between net sales and cost of goods sold.
d) An alphabetical or numerical listing of supplier accounts and balances, usually prepared at the end of
each month.
Correct Answer: An alphabetical or numerical listing of supplier accounts and balances, usually
prepared at the end of each month.
Explanation: The Schedule of Accounts Payable is an alphabetical or numerical listing of supplier
accounts and balances, often prepared at the end of each month.
4. Accounts Payable Ledger
a) Merchandise acquired for sales to customers.
b) A report indicating what has been received.
c) A form used to request the purchase of merchandise or other property.
d) A separate ledger containing an individual account payable for each supplier.
GoldenChapter – Stuvia 2024/2025 Edition
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GoldenChapter. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $5.49. You're not tied to anything after your purchase.
