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5 Written questions

5 Matching questions

  1. What is the classification for Common Stock?
  2. 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.
  3. An annual physical count of inventory should be made under...
  4. In a classified balance sheet, assets are usually classified as:
  5. What is: Primary source of revenue for a medrchandising company.
  1. a Sales Revenue
  2. b Current assets; long-term investments; property, plant, and equipment; and intangible assets.
  3. c both the periodic and perpetual inventory systems
  4. d Stockholders' Equity
  5. e Perpetual Inventory.

5 Multiple choice questions

  1. total assets will be unchanged.
  2. Operating expenses to the seller
  3. Current Liabilities
  4. gross margin - operating expenses
  5. Milk and Eggs

5 True/False questions

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


  2. What is the classification for notes receivable (due in 6 months)?Intangible Assets


  3. 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.Periodic Inventory.


  4. The journal entry to record a return of merchandise by a customer for credit on account would include a...Inventory.


  5. What is: Sales less sales returns and allowances and sales discounts.Contra revenue accounts