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5 Written questions

5 Matching questions

  1. A company should classify land held for a planned manufacturing facility as...
  2. On a classified balance sheet, Patents are classified as?
  3. 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.
  4. Which inventory costing method can be used if each item of inventory is identifiable?
  5. How do you calculate net sales?
  1. a Intangible assets.
  2. b Sales - Sales returns and allowances
  3. c an investment
  4. d Specific identification
  5. e Periodic Inventory.

5 Multiple choice questions

  1. total assets will be unchanged.
  2. (Interest Expense) + Interest Income
  3. Debit to Sales Returns
  4. Property, plant, and equipment
  5. Sales revenue, cost of goods sold, and gross profit.

5 True/False questions

  1. Which of the following measures a company's short-term ability to pay its obligations when due?A customer check dated December 1.


  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. Working capital is:current assets less current liabilities.


  4. What is: Primary source of revenue for a medrchandising company.Sales Revenue


  5. A purchaser, dissatisfied with merchandise received, may return the goods to the seller for credit. This transaction is known, by the seller, as a:Sales Return.


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