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5 Written questions

5 Matching questions

  1. What is: A reduction given by a seller for prompt payment of a credit sale.
  2. Under the allowance method of accounting for uncollectable accounts, when a specific account is written off,
  3. Which of the following items would be recorded in the inventory account of a grocery store?
    milk and eggs
    cash registers
    display cases
  4. How do you calculate other revenues and expenses?
  5. What is: The total cost of merchandise sold during hte period.
  1. a Cost of Good Sold
  2. b Sales Discount.
  3. c total assets will be unchanged.
  4. d Milk and Eggs
  5. e (Interest Expense) + Interest Income

5 Multiple choice questions

  1. an investment
  2. Operating expenses to the seller
  3. A 60-day treasury bill.
  4. Stockholders' Equity
  5. 10 days.

5 True/False questions

  1. What is the classification for Cash?Property, plant, and equipment


  2. What is the classification for Income Tax Expense?Not on the balance sheet


  3. What is: The excess of net sales over the cost of goods sold.Gross Profit.


  4. What accounting constraint allows a company to ignore GAAP if an item is too small to impact a decision?Materiality.


  5. What is the classification for salaries payable?Property, plant, and equipment


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