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5 Written questions

4 Matching questions

  1. What is the classification for goodwill?
  2. Freight costs incurred by the seller on outgoing merchandise are considered:
  3. How do you calculate the net income?
  4. 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.
  1. a Operating expenses to the seller
  2. b Periodic Inventory.
  3. c Long-term investments
  4. d Income from operations - Other revenue and expense - income tax expense

5 Multiple choice questions

  1. Gross Profit.
  2. Net sales.
  3. a measure of net income earned on each share of common stock.
  4. A 60-day treasury bill.
  5. Perpetual Inventory.

5 True/False questions

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


  2. An annual physical count of inventory should be made under...both the periodic and perpetual inventory systems


  3. Which inventory costing method can be used if each item of inventory is identifiable?Last in, first out (LIFO).


  4. In a periodic inventory system, the cost of goods sold is determined:Gross Profit.


  5. Which inventory costing method matches recent costs with recent revenues?Specific identification