Question : Multiple Choice Questions 16.When merchandising businesses make purchases account from vendors, : 1199038

 

Multiple Choice Questions 

16.When merchandising businesses make purchases on account from vendors, this is known as:   

A.Accounts receivable transactions

 

B.Accounts payable transactions

 

C.General ledger transactions

 

D.Income statement transactions

 

E.Recording beginning balances

 

 

 

 

17.The amount of money the business owes to suppliers or vendors is called:   

A.Accounts payable

 

B.Accounts receivable

 

C.Contracts payable

 

D.Prepaid expense

 

E.Unearned revenue

 

 

 

 

18.Nancy’s Service Merchandise is a partnership owned by:   

A.Susan Stewart and David Becker

 

B.Constance Molina & Sally Sweeney

 

C.Tony Ziegler and Nancy Ogburn

 

D.Karen Hart and Maria Stanton

 

E.Richard Williams and Carol Dash

 

 

 

 

19.Nancy’s Service Merchandise accounting records are set up to begin on:   

A.November 1, 2012

 

B.December 1, 2013

 

C.January 1, 2012

 

D.January 1, 2013

 

E.December 1, 2012

 

 

 

 

20.In Sage 50, which account contains summary information about the total cost of merchandise on hand and available for sale?   

A.Payroll checking account

 

B.Supplies Inventory

 

C.Merchandise Inventory

 

D.Accounts Payable

 

E.Accumulated Depreciation

 

 

 

 

21.The beginning balances from Nancy’s Service Merchandise January 1, 2013 balance sheet is entered for what period:   

A.From 1/1/13 through 1/31/13

 

B.From 12/1/12 through 12/31/12

 

C.From 11/1/12 through 11/30/12

 

D.From 2/1/13 through 2/28/13

 

E.1/1/12 through 1/31/12

 

 

 

 

22.When recording vendor information, the following windows are used to enter this information:   

A.Vendor Defaults and Maintain Vendors

 

B.Maintain Vendors and Tasks

 

C.Inventory Item Defaults and Pay Bills

 

D.Customer Defaults and Maintain Customers/Sales Reps

 

E.Employee Defaults and Maintain Employees

 

 

 

 

23.When setting up inventory items on the Maintain Inventory Items window, information must be entered for:   

A.Customer IDs

 

B.Inventory method

 

C.Inventory adjustments

 

D.Item ID, Minimum Stock, Reorder Quantity

 

E.Cash account credited

 

 

 

 

24.The Purchases/Receive Inventory window is also called the:   

A.Cash disbursements journal

 

B.Sales journal

 

C.Cost of goods sold journal

 

D.Purchase journal

 

E.General journal

 

 

 

 

25.An organized body of related information is called a/an:   

A.Feature of the software

 

B.Software function

 

C.Accounting software application

 

D.Sage 50 Complete Accounting

 

E.Database

 

 

 

 

26.The collection of accounts of a company, summary of account transactions, and the related accounts balances for a specific period of time is called the:   

A.System module

 

B.Database

 

C.General ledger system

 

D.Features and functions of software

 

E.Default page

 

 

 

 

27.The information needed for the entry that credits the Accounts Payable accounts and debits the various asset and expense accounts that vendor invoices represent is known as the:   

A.Banking feature and its accompanying functions

 

B.System defaults

 

C.Batch posting

 

D.Accounts payable system

 

E.Software

 

 

 

 

 

 

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