5 Written questions
5 Matching questions
- What is the classification for Common Stock?
- 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.
- An annual physical count of inventory should be made under...
- In a classified balance sheet, assets are usually classified as:
- What is: Primary source of revenue for a medrchandising company.
- a Sales Revenue
- b Current assets; long-term investments; property, plant, and equipment; and intangible assets.
- c both the periodic and perpetual inventory systems
- d Stockholders' Equity
- e Perpetual Inventory.
5 Multiple choice questions
- total assets will be unchanged.
- Operating expenses to the seller
- Current Liabilities
- gross margin - operating expenses
- Milk and Eggs
5 True/False questions
What is the classification for goodwill? → Property, plant, and equipment
What is the classification for notes receivable (due in 6 months)? → Intangible Assets
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. → Periodic Inventory.
The journal entry to record a return of merchandise by a customer for credit on account would include a... → Inventory.
What is: Sales less sales returns and allowances and sales discounts. → Contra revenue accounts