5 Written questions
5 Matching questions
- 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.
- The journal entry to record a return of merchandise by a customer for credit on account would include a...
- What is the classification for allowance for doubtful accounts?
- What is: An account that is offset against a revenue account on the income statement.
- What is the classification for prepaid rent?
- a Contra Revenue Account.
- b Debit to Sales Returns
- c current assets
- d Current Assets
- e Periodic Inventory.
5 Multiple choice questions
- Intangible Assets
- Income from operations - Other revenue and expense - income tax expense
- Stockholders' Equity
- (Interest Expense) + Interest Income
5 True/False questions
What is the classification for supplies? → Property, plant, and equipment
Which inventory costing method matches recent costs with recent revenues? → (Interest Expense) + Interest Income
What is the classification for Cash? → Current Assets
If a sales invoice shows credit terms of 2/10, n/30, the discount period is: → Net sales.
Which of the following items would be recorded in the inventory account of a grocery store?
milk and eggs
display cases → Milk and Eggs