5 Written questions
5 Matching questions
- What is the classification for allowance for doubtful accounts?
- 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
- If a sales invoice shows credit terms of 2/10, n/30, the discount period is:
- How do you calculate the income from operations?
- How do you calculate net sales?
- a Sales - Sales returns and allowances
- b gross margin - operating expenses
- c Payment of employees' wages
- d 10 days.
- e Current Assets
5 Multiple choice questions
- Purchase discount.
- Sales revenue, cost of goods sold, and gross profit.
- Income from operations - Other revenue and expense - income tax expense
- a measure of net income earned on each share of common stock.
- Contra revenue accounts
5 True/False questions
In a classified balance sheet, assets are usually classified as: → Intangible assets.
Which of the following items in a cash drawer at November 30 is NOT reported as cash?
Coins and currency.
A customer check dated December 1.
A customer check dated November 28. → Milk and Eggs
What is the classification for long-term investment in bonds? → Current Assets
All of the following are current assets except:
marketable securities → patents
What is the classification for Income Tax Expense? → Current Liabilities