5 Written questions
4 Matching questions
- What is the classification for accounts receivable?
- Which inventory costing method matches recent costs with recent revenues?
- A purchaser, dissatisfied with merchandise received, may return the goods to the seller for credit. This transaction is known, by the seller, as a:
- What is: The excess of net sales over the cost of goods sold.
- a Gross Profit.
- b Current Assets
- c Sales Return.
- d Last in, first out (LIFO).
5 Multiple choice questions
- Sales - Sales returns and allowances
- Operating expenses to the seller
- current assets
- 10 days.
- Property, plant, and equipment
5 True/False questions
How do you calculate the income from operations? → gross margin - operating expenses
Each of the following is a merchandising business EXCEPT:
Laundry and dry cleaners
Greeting card store → Laundry and dry cleaners.
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? → Last in, first out (LIFO).
The income statement of a merchandising comany contain the following unique features: → Sales revenue, cost of goods sold, and gross profit.
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 → Sales Discount.