5 Written questions
5 Matching questions
- What is: A reduction given by a seller for prompt payment of a credit sale.
- Under the allowance method of accounting for uncollectable accounts, when a specific account is written off,
- Which of the following items would be recorded in the inventory account of a grocery store?
milk and eggs
- How do you calculate other revenues and expenses?
- What is: The total cost of merchandise sold during hte period.
- a Cost of Good Sold
- b Sales Discount.
- c total assets will be unchanged.
- d Milk and Eggs
- e (Interest Expense) + Interest Income
5 Multiple choice questions
- an investment
- Operating expenses to the seller
- A 60-day treasury bill.
- Stockholders' Equity
- 10 days.
5 True/False questions
What is the classification for Cash? → Property, plant, and equipment
What is the classification for Income Tax Expense? → Not on the balance sheet
What is: The excess of net sales over the cost of goods sold. → Gross Profit.
What accounting constraint allows a company to ignore GAAP if an item is too small to impact a decision? → Materiality.
What is the classification for salaries payable? → Property, plant, and equipment