ACCT 3310 EXAM 1 QUESTIONS WITH
ANSWERS 100% VERIFIED
A document prepared to request goods or services from a customer or vendor. -
ANSWER Purchase Order
A document prepared at the time of shipment indicating the description of the
merchandise, quantity and other data - ANSWER Bill of Lading
Document prepared indicating the description and quantity of goods sold, the price, and
total of the sale. - ANSWER Sales Invoice
What copies of the sales invoice are retained, and what is sent out? - ANSWER The first
copied is sent out, and the remaining is retained
What document is used to record sales in the accounting records? - ANSWER The sales
invoice
A list prepared by the company indicating product prices for billings - ANSWER Price
List
A journal for recording sales. - ANSWER Sales Journal
A ledger for recording individual sales, cash receipts, and sales returns and allowances
for each customer - ANSWER A/R Subsidiary Ledger
A record used to summarize transactions after recorded in the journals; only the totals
are posted to the general journal - ANSWER General Ledger
, a list prepared when cash is received, which lists every receipt - ANSWER Cash
Receipts Prelist
A document prepared to accompany bank deposits, which lists checks and all currency
deposited - ANSWER Bank Deposit Slip
How often should a company deposit received checks into the bank? - ANSWER Daily
A journal for recording cash receipts from collections, cash sales, and all other cash
receipts. - ANSWER Cash Receipts Journal
What is the credit to the Cash Receipts Journal? - ANSWER A credit to Accounts
Receivable
A document prepared at the time the goods (tangible items) are received showing the
description of the goods received, quantity and date. - ANSWER Receiving Report
A document prepared indicating the amount and terms of the return or allowance. -
ANSWER Credit Memo
What copies of the credit memo are retained, and what is sent out? - ANSWER The
original is sent to the customer, and the remaining are retained with the company
What is the credit memo used for in which other transactions? - ANSWER Used in the
sales returns and allowances in the accounting records
A journal for recording sales returns and allowances. - ANSWER Sales Return and
Allowances Journal
Where do many companies record a sales return and allowance? - ANSWER In the Sales
Journal
ANSWERS 100% VERIFIED
A document prepared to request goods or services from a customer or vendor. -
ANSWER Purchase Order
A document prepared at the time of shipment indicating the description of the
merchandise, quantity and other data - ANSWER Bill of Lading
Document prepared indicating the description and quantity of goods sold, the price, and
total of the sale. - ANSWER Sales Invoice
What copies of the sales invoice are retained, and what is sent out? - ANSWER The first
copied is sent out, and the remaining is retained
What document is used to record sales in the accounting records? - ANSWER The sales
invoice
A list prepared by the company indicating product prices for billings - ANSWER Price
List
A journal for recording sales. - ANSWER Sales Journal
A ledger for recording individual sales, cash receipts, and sales returns and allowances
for each customer - ANSWER A/R Subsidiary Ledger
A record used to summarize transactions after recorded in the journals; only the totals
are posted to the general journal - ANSWER General Ledger
, a list prepared when cash is received, which lists every receipt - ANSWER Cash
Receipts Prelist
A document prepared to accompany bank deposits, which lists checks and all currency
deposited - ANSWER Bank Deposit Slip
How often should a company deposit received checks into the bank? - ANSWER Daily
A journal for recording cash receipts from collections, cash sales, and all other cash
receipts. - ANSWER Cash Receipts Journal
What is the credit to the Cash Receipts Journal? - ANSWER A credit to Accounts
Receivable
A document prepared at the time the goods (tangible items) are received showing the
description of the goods received, quantity and date. - ANSWER Receiving Report
A document prepared indicating the amount and terms of the return or allowance. -
ANSWER Credit Memo
What copies of the credit memo are retained, and what is sent out? - ANSWER The
original is sent to the customer, and the remaining are retained with the company
What is the credit memo used for in which other transactions? - ANSWER Used in the
sales returns and allowances in the accounting records
A journal for recording sales returns and allowances. - ANSWER Sales Return and
Allowances Journal
Where do many companies record a sales return and allowance? - ANSWER In the Sales
Journal
