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5 Written questions

5 Matching questions

  1. The use of allowance method for recording uncollectible accounts follows the accounting concept of...
  2. Each of the following is a merchandising business EXCEPT:
    Laundry and dry cleaners
    Grocery store
    Department Store
    Greeting card store
  3. 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.
  4. How do you calculate net sales?
  5. 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
  1. a Laundry and dry cleaners.
  2. b Sales - Sales returns and allowances
  3. c A customer check dated December 1.
  4. d Payment of employees' wages
  5. e expense recognition (matching)

5 Multiple choice questions

  1. At the end of the accounting period.
  2. Inventory.
  3. Net sales.
  4. Stockholders' Equity
  5. Debit to Sales Returns

5 True/False questions

  1. What is: A cash discount cliamed by a buyer for prompt payment of a balance due.Purchase discount.

          

  2. What is the classification for accounts payable?Current Assets

          

  3. What is the classification for prepaid rent?Not on the balance sheet

          

  4. Working capital is:liquidity ratio.

          

  5. Which inventory costing method matches recent costs with recent revenues?Last in, first out (LIFO).

          

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