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Sales Transactions and Documents Quiz
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Sales Transactions and Documents Quiz

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Questions and Answers

What document is issued by the seller to evidence the sale of goods in a sales transaction?

  • Purchase Order
  • Balance Sheet
  • Sales Invoice (correct)
  • Delivery Note

    • Which account is credited with the proceeds from the sales price of goods sold?

  • Sales (correct)
  • Sales Discount
  • Fee Income
  • Sales Returns and Allowances

    • What account is used to record returns or allowances granted by the seller to the buyer?

  • Sales Returns and Allowances (correct)
  • Official Receipt
  • Sales Discount
  • Freight Out

    • What is a Sales Discount?

    <p>Reduction from sales price for early payment</p> Signup and view all the answers

    Which document serves as a written acknowledgement of money received by the seller for goods purchased and received?

    <p>Official Receipt</p> Signup and view all the answers

    What does the Freight Out account represent?

    <p>Cost of moving goods to buyer’s place</p> Signup and view all the answers

    In accounting, which account category does Sales Return and Allowances fall under?

    <p>'Revenue' accounts</p> Signup and view all the answers

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