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5 Written questions

4 Matching questions

  1. What is the classification for accounts receivable?
  2. Which inventory costing method matches recent costs with recent revenues?
  3. A purchaser, dissatisfied with merchandise received, may return the goods to the seller for credit. This transaction is known, by the seller, as a:
  4. What is: The excess of net sales over the cost of goods sold.
  1. a Gross Profit.
  2. b Current Assets
  3. c Sales Return.
  4. d Last in, first out (LIFO).

5 Multiple choice questions

  1. Sales - Sales returns and allowances
  2. Operating expenses to the seller
  3. current assets
  4. 10 days.
  5. Property, plant, and equipment

5 True/False questions

  1. How do you calculate the income from operations?gross margin - operating expenses


  2. Each of the following is a merchandising business EXCEPT:
    Laundry and dry cleaners
    Grocery store
    Department Store
    Greeting card store
    Laundry and dry cleaners.


  3. If beginning inventory is $60,000, cost of goods purchased is $380,000, and ending inventory is $50,000, what is cost of goods sold under a periodic system?Last in, first out (LIFO).


  4. The income statement of a merchandising comany contain the following unique features:Sales revenue, cost of goods sold, and gross profit.


  5. 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
    Sales Discount.


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