5 Written questions
5 Matching questions
- What is the classification for notes receivable (due in 6 months)?
- 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.
- If a sales invoice shows credit terms of 2/10, n/30, the discount period is:
- What is the classification for allowance for doubtful accounts?
- Which of the following items in a cash drawer at November 30 is NOT reported as cash?
Coins and currency.
A customer check dated December 1.
A customer check dated November 28.
- a Periodic Inventory.
- b Current Assets
- c Intangible Assets
- d A customer check dated December 1.
- e 10 days.
5 Multiple choice questions
- When the goods are transferred from the seller to the buyer.
- Sales Return.
- both the periodic and perpetual inventory systems
- Stockholders' Equity
5 True/False questions
What is: A cash discount cliamed by a buyer for prompt payment of a balance due. → Sales Discount.
Under the perpetual inventory system, purchases of merchandise for sale are recorded inan account called: → Inventory.
What is: An account that is offset against a revenue account on the income statement. → Contra Revenue Account.
Which inventory costing method matches recent costs with recent revenues? → Specific identification
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. → Perpetual Inventory.