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5 Written questions

3 Matching questions

  1. How do you calculate the net income?
  2. What is the classification for long-term investment in bonds?
  3. What is: The excess of net sales over the cost of goods sold.
  1. a Current Assets
  2. b Income from operations - Other revenue and expense - income tax expense
  3. c Gross Profit.

5 Multiple choice questions

  1. When the goods are transferred from the seller to the buyer.
  2. 10 days.
  3. Long-term investments
  4. Liquidity.
  5. liquidity ratio.

5 True/False questions

  1. In a classified balance sheet, assets are usually classified as:Intangible assets.


  2. What is: Sales less sales returns and allowances and sales discounts.Net sales.


  3. What is the classification for Income Taxes Payable?Current Assets


  4. Earnings per share is:a measure of net income earned on each share of common stock.


  5. 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


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