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Departmental Purchases & Cash Payments in Accounting

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

A business paid for some supplies the day they were delivered. In a departmental accounting system, in which journal would this be recorded?

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1. A business just paid for some supplies they received 30 days after the were issued an invoice. In a departmental accounting system, in which journal would this be recorded?

2. When would a business record a discount that it took on an amount owing to a supplier?

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About This Quiz & Worksheet

The quiz and worksheet were created to assess your knowledge of cash payments and department purchases. In order to pass the quiz, you need to know about the different types of financial journals.

Quiz & Worksheet Goals

Using these tools, you can see how much you know about the following topics:

  • A document used to record a purchase
  • Accounting for different types of purchases
  • Types of financial journals
  • The right time to record a discount a business took on an amount owed to a supplier

Skills Practiced

  • Interpreting information - verify that you can read information about recording a purchase and interpret it correctly
  • Information recall - access the knowledge you have gained about when businesses should record discounts that are owed to suppliers
  • Knowledge application - use your knowledge to answer questions about financial journals

Additional Learning

Analyze more of these financial topics with the accompanying lesson called, Departmental Purchases & Cash Payments in Accounting. Thanks to this lesson, you'll get to:

  • Understand how to record various expenses
  • Review examples of the use of financial journals
  • Analyze the process of recording discounts
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