5 Written questions
5 Matching questions
- The use of allowance method for recording uncollectible accounts follows the accounting concept of...
- Each of the following is a merchandising business EXCEPT:
Laundry and dry cleaners
Greeting card store
- Which of the following items in a cash drawer at November 30 is NOT reported as cash?
Coins and currency.
A customer check dated December 1.
A customer check dated November 28.
- How do you calculate net sales?
- Which is NOT a component of the operating cycle?
Payment of employees' wages
Purchase of inventory
Collection of cash form inventory sales
Sale of inventory
- a Laundry and dry cleaners.
- b Sales - Sales returns and allowances
- c A customer check dated December 1.
- d Payment of employees' wages
- e expense recognition (matching)
5 Multiple choice questions
- At the end of the accounting period.
- Net sales.
- Stockholders' Equity
- Debit to Sales Returns
5 True/False questions
What is: A cash discount cliamed by a buyer for prompt payment of a balance due. → Purchase discount.
What is the classification for accounts payable? → Current Assets
What is the classification for prepaid rent? → Not on the balance sheet
Working capital is: → liquidity ratio.
Which inventory costing method matches recent costs with recent revenues? → Last in, first out (LIFO).