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5 Written questions

5 Matching questions

  1. 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.
  2. If a sales invoice shows credit terms of 2/10, n/30, the discount period is:
  3. How do you calculate the net income?
  4. Which inventory costing method can be used if each item of inventory is identifiable?
  5. What is the classification for prepaid rent?
  1. a Perpetual Inventory.
  2. b 10 days.
  3. c Income from operations - Other revenue and expense - income tax expense
  4. d current assets
  5. e Specific identification

5 Multiple choice questions

  1. Laundry and dry cleaners.
  2. total assets will be unchanged.
  3. Periodic Inventory.
  4. liquidity ratio.
  5. Current Liabilities

5 True/False questions

  1. Working capital is:current assets less current liabilities.


  2. Earnings per share is:a measure of net income earned on each share of common stock.


  3. What is: Sales less sales returns and allowances and sales discounts.Contra revenue accounts


  4. What is the classification for Common Stock?Stockholders' Equity


  5. How do you calculate the gross margin?Sales - Sales returns and allowances