5 Written questions
5 Matching questions
- A company should classify land held for a planned manufacturing facility as...
- On a classified balance sheet, Patents are classified as?
- 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.
- Which inventory costing method can be used if each item of inventory is identifiable?
- How do you calculate net sales?
- a Intangible assets.
- b Sales - Sales returns and allowances
- c an investment
- d Specific identification
- e Periodic Inventory.
5 Multiple choice questions
- total assets will be unchanged.
- (Interest Expense) + Interest Income
- Debit to Sales Returns
- Property, plant, and equipment
- Sales revenue, cost of goods sold, and gross profit.
5 True/False questions
Which of the following measures a company's short-term ability to pay its obligations when due? → A customer check dated December 1.
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
Working capital is: → current assets less current liabilities.
What is: Primary source of revenue for a medrchandising company. → Sales Revenue
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.