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3 Written questions

2 Matching questions

  1. All of the following are contra revenue accounts except
    A. Sales Revenue.
    B. Sales Allowances.
    C. Sales Discounts.
    D. Sales Returns.
  2. If Sales Revenue is $400,000, Cost of Goods Sold is $310,000, and Operating expenses are $60,000, the Gross profit is
    A. $30,000.
    B. $90,000.
    C. $340,000.
    D. $400,000.
  1. a B
  2. b A

5 Multiple choice questions

  1. A
  2. D
  3. A
  4. B
  5. A

5 True/False questions

  1. A multiple-step income statement distinguishes between operating and non-operating activities.
    A. True
    B. False
    TRUE

          

  2. Income from operations appears on
    A. both a multiple-step and a single-step income statement.
    B. neither a multiple-step nor a single-step income statement.
    C. a multiple-step income statement only.
    D. a single-step income statement only.
    B

          

  3. Net income is Gross profit less
    A. Administrative expenses.
    B. Operating expenses.
    C. Other expenses and losses.
    D. Selling expenses.
    B

          

  4. Gross profit will result if
    A. operating expenses are less than net income.
    B. sales revenues are greater than operating expenses.
    C. sales revenues are greater than cost of goods sold.
    D. operating expenses are greater than cost of goods sold.
    B

          

  5. Which of the following appears on both a single-step and a multiple-step income statement?
    A. Inventory.
    B. Gross profit.
    C. Income from operations.
    D. Cost of goods sold.
    B

          

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