5 Written Questions
4 Matching Questions
- What is: The total cost of merchandise sold during hte period.
- What is: A cash discount cliamed by a buyer for prompt payment of a balance due.
- What is the classification for allowance for doubtful accounts?
- What is the classification for Equipment?
- a Current Assets
- b Purchase discount.
- c Property, plant, and equipment
- d Cost of Good Sold
5 Multiple Choice Questions
- 10 days.
- When the goods are transferred from the seller to the buyer.
- Current assets; long-term investments; property, plant, and equipment; and intangible assets.
- Current Assets
- Net sales.
5 True/False Questions
On a classified balance sheet, Patents are classified as? → Current assets; long-term investments; property, plant, and equipment; and intangible assets.
What is the classification for prepaid rent? → Property, plant, and equipment
The income statement of a merchandising comany contain the following unique features: → Cost of Good Sold
A company should classify land held for a planned manufacturing facility as... → an investment
Freight costs incurred by the seller on outgoing merchandise are considered: → Sales Revenue