In a periodic inventory system, the cost of goods sold is determined:
What is the classification for supplies?
How do you calculate the total operating expenses?
What is the classification for accounts payable?
aAdd all operating expenses
bProperty, plant, and equipment
cAt the end of the accounting period.
5 Multiple Choice Questions
total assets will be unchanged.
Property, plant, and equipment
Debit to Sales Returns
expense recognition (matching)
5 True/False Questions
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. → A customer check dated December 1.
What is: The total cost of merchandise sold during hte period. → Not on the balance sheet
How do you calculate other revenues and expenses? → (Interest Expense) + Interest Income
Working capital is: → current assets less current liabilities.
The revenue recognition principle requires that sales revenues be recognized: → Contra revenue accounts