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Another name for the customer ledger

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1. Another name for the customer ledger is _______ ledger.
A. Inventory
B. Vendor
C. Accounts Receivable
D. Accounts Payable

2. When merchandising businesses make purchases on account from vendors, the transactions are considered _______ transactions.
A. accounts receivable
B. accounts payable

3. You enter all checks, cash, and credit card slips in the _______ window.
A. Sales Receipts
B. General Journal entry
C. Payments
D. Receipts

4. Accountants recommend that you use FIFO when you desire to
A. charge costs against revenue in the order in which costs are incurred.
B. charge the most recent inventory costs against revenue.
C. get the highest net income.
D. get the lowest net income.

5. The account type specified on the chart of accounts is also the account classification for the
A. general journal.
B. general ledger.
C. cash receipts journal.
D. balance sheet and income statement.

6. All states support their unemployment insurance programs by placing a payroll tax on
A. both employees and employers.
B. employers.
C. employees.
D. independent contractors.

7. A balance sheet is also known as a/an
A. statement of changes in cash flow.
B. retained earnings report.
C. income statement.
D. statement of financial position.

8. The LIFO (last in, first out) method of inventory assumes
A. cost of sales is based on current replacement.
B. the highest amount of net income.
C. beginning inventory is sold first.
D. the lowest amount of net loss.

9. In Peachtree, which account contains summary information about the total cost of merchandise on hand and available for sale?
A. Accounts Payable
B. Merchandise Inventory
C. Supplies Inventory
D. Payroll checking account

10. The chart of accounts is
A. the accounts shown on the balance sheet.
B. a list of accounts in the general ledger.
C. the accounts shown on the income statement.
D. a list of accounts in the general journal.

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