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5 Written questions

5 Matching questions

  1. What is the classification for Equipment?
  2. What is: Sales less sales returns and allowances and sales discounts.
  3. Freight costs incurred by the seller on outgoing merchandise are considered:
  4. What is: Primary source of revenue for a medrchandising company.
  5. What is the classification for goodwill?
  1. a Long-term investments
  2. b Property, plant, and equipment
  3. c Sales Revenue
  4. d Operating expenses to the seller
  5. e Net sales.

5 Multiple choice questions

  1. Sales revenue, cost of goods sold, and gross profit.
  2. At the end of the accounting period.
  3. Current Assets
  4. Current Liabilities
  5. Not on the balance sheet

5 True/False questions

  1. Sales Returns and allowances and sales discounts are:Contra revenue accounts


  2. How do you calculate the income from operations?Net sales - Cost of Goods sold


  3. An example of a cash equivalent is...a measure of net income earned on each share of common stock.


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


  5. The revenue recognition principle requires that sales revenues be recognized:(Interest Expense) + Interest Income