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5 Written questions

5 Matching questions

  1. 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.
  2. The journal entry to record a return of merchandise by a customer for credit on account would include a...
  3. What is the classification for allowance for doubtful accounts?
  4. What is: An account that is offset against a revenue account on the income statement.
  5. What is the classification for prepaid rent?
  1. a Contra Revenue Account.
  2. b Debit to Sales Returns
  3. c current assets
  4. d Current Assets
  5. e Periodic Inventory.

5 Multiple choice questions

  1. Intangible Assets
  2. Income from operations - Other revenue and expense - income tax expense
  3. Liquidity.
  4. Stockholders' Equity
  5. (Interest Expense) + Interest Income

5 True/False questions

  1. What is the classification for supplies?Property, plant, and equipment


  2. Which inventory costing method matches recent costs with recent revenues?(Interest Expense) + Interest Income


  3. What is the classification for Cash?Current Assets


  4. If a sales invoice shows credit terms of 2/10, n/30, the discount period is:Net sales.


  5. Which of the following items would be recorded in the inventory account of a grocery store?
    milk and eggs
    cash registers
    display cases
    Milk and Eggs