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A Game of X’s and O’s

Rules• Only one person is asked and can answer• NO NOTES• Go around the room in order• 3 in a row wins the game• If no team gets three in a row, whichever team gets 5 marks wins the game• Best of 3 series• Winning team gets a bonus point

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1 2 3Scoreboard

X

O

Click Here ifX Wins

Click Here ifO Wins

1

A cash discount on sales taken by a customer

1

Sales DiscountHome

2

A form prepared by the vendor showing the amount deducted for returns and allowances

2

Credit MemorandumHome

3

T or F? Purchases and sales of merchandise are two major activities of a merchandising

business

3

TRUEHome

4

The amount of sales tax on a sale is calculated as the price of goods _____ the

sales tax rate

4

timesHome

5

T or F? Cash is proved when the total of the Cash Debit column of a cash receipts journal

equals the next unused check stub

5

FALSEHome

6

T or F? Sales invoices should be numbered in sequence, prepared in triplicate, used a source document for sales on account

6

TRUEHome

7

A special journal used to record only sales of merchandise on account is called a

__________ _____________

7

Sales journalHome

8

T or F? The amount of sales tax collected is a liability of the business until paid to the

government.

8

TRUEHome

9

A report of credit card sales produced by a point-of-sale terminal is called a

_______ ________

9

Batch reportHome

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4 5 6

1 2 3Scoreboard

X

O

Click Here ifX Wins

Click Here ifO Wins

1

The report that summarizes the cash and credit card sales of a POS Terminal

is known as this:

1

Terminal SummaryHome

2

T or F? When a customer is granted credit for merchandise returned, Accounts Receivable

is debited

2

FALSEHome

3

T or F? Regardless of when merchandise is sold, revenue should be recorded when cash is

received

3

FALSEHome

4

A sale in which a credit card is used for the total amount of the sale at the time of the

transaction is known as a:

4

Credit Card SaleHome

5

A computer used to collect, store, and report all the information of a sales transaction is called a

_______-____-______ ____________

5

Point-of-sale terminalHome

6

Sales Returns and Allowances is__________.A. An expense account B. A revenue account

C. A contra revenue account

6

C. A contra revenue accountHome

7

Sales discounts are recorded in what special journal?

7

Cash Receipts JournalHome

8

The process for preparing a batch report of credit card sales from a POS terminal is called:

8

Batching outHome

9

T or F? A terminal summary reports total cash and credit card sales of a POS terminal

9

TRUEHome

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4 5 6

1 2 3Scoreboard

X

O

Click Here ifX Wins

Click Here ifO Wins

1

Credit allowed to a customer for part of the sales price of merchandise that is not returned

1

Sales allowanceHome

2

T or F? Because Sales Discount is a contra account to Sales, its has a normal debit balance

2

TRUE Home

3

T or F? POS terminals use UPC symbols to obtain the description and the price of

merchandise sold.

3

TRUEHome

4

When merchandise is sold on account and sales tax is also collected, the accounts receivable

account balance is _____________

4

increasedHome

5

Using a terminal summary as a source document for weekly cash and credit card sales is an

application of the accounting concept _________ ______________

5

Objective evidenceHome

6

What is the amount of cash received for a sale on account of $1,000.00 with sales tax of $80.00 when the cash is

received within a 2 percent discount period?

6

$1,058.40Home

7

T or F? When cash is received for a sale on account within the discount period, the amount credited to A/R is reduced by the amount of the

discount

7

FALSE (what is reduced?)Home

8

A form prepared by the vendor showing the amount deducted for returns and allowances is

known as a ________ ______________

8

Credit memorandumHome

9

How many special journals are there for a merchandising business organized as a

corporation?

9

5 special journalsHome