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5 Written questions

5 Matching questions

  1. What is the classification for allowance for doubtful accounts?
  2. 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
  3. If a sales invoice shows credit terms of 2/10, n/30, the discount period is:
  4. How do you calculate the income from operations?
  5. How do you calculate net sales?
  1. a Sales - Sales returns and allowances
  2. b gross margin - operating expenses
  3. c Payment of employees' wages
  4. d 10 days.
  5. e Current Assets

5 Multiple choice questions

  1. Purchase discount.
  2. Sales revenue, cost of goods sold, and gross profit.
  3. Income from operations - Other revenue and expense - income tax expense
  4. a measure of net income earned on each share of common stock.
  5. Contra revenue accounts

5 True/False questions

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

          

  2. Which of the following items in a cash drawer at November 30 is NOT reported as cash?
    Money orders.
    Coins and currency.
    A customer check dated December 1.
    A customer check dated November 28.
    Milk and Eggs

          

  3. What is the classification for long-term investment in bonds?Current Assets

          

  4. All of the following are current assets except:
    accounts receivable
    cash
    patents
    marketable securities
    patents

          

  5. What is the classification for Income Tax Expense?Current Liabilities

          

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