Recording Departmental Cash Receipts, Sales & Allowances

Instructions:

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

question 1 of 3

Sales Return and Allowances and Sale Discounts are examples of _____.

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1. Cash receipts consist of:

2. Once a transaction is recorded in _____, the actual Sales account is never adjusted.

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About This Quiz & Worksheet

The quiz and worksheet help gauge your knowledge of recording sales, allowances and department cash receipts. In order to do well on the quiz, you need to know what cash receipts consist of and be aware of what a Sales Return is an example of.

Quiz & Worksheet Goals

Go through these resources to check your knowledge of:

  • What 3/10, n/30 means
  • Something that happens to the Sales account after a transaction
  • Components of cash receipts
  • What Sales Return and Allowances and Sale Discounts are examples of

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the lesson on recording departmental sales and cash receipts
  • Information recall - access the knowledge you have gained about the meaning of 3/10, n/30
  • Interpreting information - verify that you can read information about components of cash receipts and interpret them correctly

Additional Learning

To learn more, be sure to review the lesson called Recording Departmental Cash Receipts, Sales & Allowances. This lesson can help you cover the following objectives:

  • Determine which two categories sales falls under
  • See how transactions are recorded with credit
  • Define Allowances
  • Analyze returns
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