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5 Written Questions

5 Matching Questions

  1. What is: measures the percentage of each dollar of sales that results in net income, computed by dividing net income by net sales.
  2. 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.
  3. What is: A detailed inventory system in which the cost of each invewntory item is maintained and the rcords continuously show the inventory that should be on hand.
  4. Under the perpetual inventory system, purchases of merchandise for sale are recorded inan account called:
  5. Sales Returns and allowances and sales discounts are:
  1. a Inventory.
  2. b Profit Margin.
  3. c Contra revenue accounts
  4. d Periodic Inventory.
  5. e Perpetual Inventory.

5 Multiple Choice Questions

  1. Debit to Sales Returns
  2. total assets will be unchanged.
  3. current assets
  4. Sales revenue, cost of goods sold, and gross profit.
  5. At the end of the accounting period.

5 True/False Questions

  1. What is the classification for Equipment?current assets

          

  2. What is the classification for Income Tax Expense?Current Assets

          

  3. How do you calculate the total operating expenses?(Interest Expense) + Interest Income

          

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

          

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

          

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