Accounting for Inventory Sales


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question 1 of 3

Which of the following are discounts offered to customers in exchange for paying their bill within a given time frame?

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1. Which of the following is created in the accounting record for a business when customers pay for merchandise with their store credit cards?

2. Merchandise that has been returned by a customer would fall under which category?

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About This Quiz & Worksheet

What are the different types of sales, and how are they recorded for accounting purposes? How do these accounting procedures reflect inventory statuses? This quiz/worksheet combo is designed to check your understanding of these details.

Quiz and Worksheet Goals

In these assessments, you'll be tested on:

  • The type of discount given to customers paying their bill within a certain amount of time
  • The result of a credit sale
  • The term given to returned and defective merchandise
  • The names of the accounts debited in a cash sale and a credit sale

Skills Practiced

This worksheet and quiz will allow you to test the following skills:

  • Reading comprehension - ensure that you draw the most important information from the related lesson about accounting practices relating to sales and inventory
  • Defining key concepts - ensure that you can accurately define main phrases, such as accounts receivable and cost of goods sold
  • Distinguishing differences - compare and contrast topics from the lesson, such as cash and credit sales
  • Knowledge application - use your knowledge to answer questions about types of sales and how they are recorded

Additional Learning

To learn more about accounting processes that reflect sales and inventory, review the accompanying lesson on Accounting for Inventory Sales. This lesson covers the following objectives:

  • Define sales
  • Explain cash versus credit sales
  • Provide examples of sales discounts and sales returns
  • Illustrate the way different types of sales are recorded in accounting