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5 Written questions

5 Matching questions

  1. The journal entry to record a return of merchandise by a customer for credit on account would include a...
  2. What is the classification for long-term investment in bonds?
  3. In a periodic inventory system, the cost of goods sold is determined:
  4. What is the classification for Common Stock?
  5. The current ratio is a:
  1. a liquidity ratio.
  2. b Debit to Sales Returns
  3. c At the end of the accounting period.
  4. d Stockholders' Equity
  5. e Current Assets

5 Multiple choice questions

  1. Specific identification
  2. patents
  3. Current Assets
  4. Materiality.
  5. both the periodic and perpetual inventory systems

5 True/False questions

  1. Each of the following is a merchandising business EXCEPT:
    Laundry and dry cleaners
    Grocery store
    Department Store
    Greeting card store
    Laundry and dry cleaners.


  2. How do you calculate the net income?Income from operations - Other revenue and expense - income tax expense


  3. What is: The total cost of merchandise sold during hte period.Property, plant, and equipment


  4. How do you calculate the income from operations?gross margin - operating expenses


  5. Under the perpetual inventory system, purchases of merchandise for sale are recorded inan account called:At the end of the accounting period.


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