5 Written questions
5 Matching questions
- 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.
- If a sales invoice shows credit terms of 2/10, n/30, the discount period is:
- How do you calculate the net income?
- Which inventory costing method can be used if each item of inventory is identifiable?
- What is the classification for prepaid rent?
- a Perpetual Inventory.
- b 10 days.
- c Income from operations - Other revenue and expense - income tax expense
- d current assets
- e Specific identification
5 Multiple choice questions
- Laundry and dry cleaners.
- total assets will be unchanged.
- Periodic Inventory.
- liquidity ratio.
- Current Liabilities
5 True/False questions
Working capital is: → current assets less current liabilities.
Earnings per share is: → a measure of net income earned on each share of common stock.
What is: Sales less sales returns and allowances and sales discounts. → Contra revenue accounts
What is the classification for Common Stock? → Stockholders' Equity
How do you calculate the gross margin? → Sales - Sales returns and allowances