NAME: ________________________

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5 Written Questions

5 Matching Questions

  1. What is: An account that is offset against a revenue account on the income statement.
  2. What is the classification for accounts payable?
  3. What is the classification for Income Taxes Payable?
  4. Which inventory costing method can be used if each item of inventory is identifiable?
  5. What is: The total cost of merchandise sold during hte period.
  1. a Current Liabilities
  2. b Cost of Good Sold
  3. c Current Assets
  4. d Contra Revenue Account.
  5. e Specific identification

5 Multiple Choice Questions

  1. Current Assets
  2. A customer check dated December 1.
  3. Payment of employees' wages
  4. patents
  5. Operating expenses to the seller

5 True/False Questions

  1. In a classified balance sheet, assets are usually classified as:Property, plant, and equipment

          

  2. 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?$390,000

          

  3. What is the classification for supplies?Long-term investments

          

  4. What is the classification for prepaid rent?current assets

          

  5. What is: An inventory system in which detailed records are not maintained and the cost of goods sold is determined only at the end of an accounting period.Periodic Inventory.

          

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