← ACC 255 - Exam 2 Test
5 Written Questions
5 Matching Questions
- What is the classification for Dividends?
- What is the classification for Cash?
- What is: A detailed inventory system in which the cost of each invewntory item is maintained and the rcords continuously show the inventory that should be on hand.
- What is the classification for accumulated depreciation, equipment?
- Each of the following is a merchandising business EXCEPT:
Laundry and dry cleaners
Greeting card store
- a Perpetual Inventory.
- b Laundry and dry cleaners.
- c Property, plant, and equipment
- d Current Assets
- e Not on the balance sheet
5 Multiple Choice Questions
- gross margin - operating expenses
- Debit to Sales Returns
- Property, plant, and equipment
- Current Liabilities
- Contra revenue accounts
5 True/False Questions
The use of allowance method for recording uncollectible accounts follows the accounting concept of... → Contra Revenue Account.
How do you calculate net sales? → Income from operations - Other revenue and expense - income tax expense
In a periodic inventory system, the cost of goods sold is determined: → Gross Profit.
What is the classification for Common Stock? → Current Assets
How do you calculate the gross margin? → Income from operations - Other revenue and expense - income tax expense