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5 Written Questions

4 Matching Questions

  1. What is: The total cost of merchandise sold during hte period.
  2. What is: A cash discount cliamed by a buyer for prompt payment of a balance due.
  3. What is the classification for allowance for doubtful accounts?
  4. What is the classification for Equipment?
  1. a Current Assets
  2. b Purchase discount.
  3. c Property, plant, and equipment
  4. d Cost of Good Sold

5 Multiple Choice Questions

  1. 10 days.
  2. When the goods are transferred from the seller to the buyer.
  3. Current assets; long-term investments; property, plant, and equipment; and intangible assets.
  4. Current Assets
  5. Net sales.

5 True/False Questions

  1. On a classified balance sheet, Patents are classified as?Current assets; long-term investments; property, plant, and equipment; and intangible assets.

          

  2. What is the classification for prepaid rent?Property, plant, and equipment

          

  3. The income statement of a merchandising comany contain the following unique features:Cost of Good Sold

          

  4. A company should classify land held for a planned manufacturing facility as...an investment

          

  5. Freight costs incurred by the seller on outgoing merchandise are considered:Sales Revenue

          

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