5 Written questions
5 Matching questions
- What is the classification for Equipment?
- What is: Sales less sales returns and allowances and sales discounts.
- Freight costs incurred by the seller on outgoing merchandise are considered:
- What is: Primary source of revenue for a medrchandising company.
- What is the classification for goodwill?
- a Long-term investments
- b Property, plant, and equipment
- c Sales Revenue
- d Operating expenses to the seller
- e Net sales.
5 Multiple choice questions
- Sales revenue, cost of goods sold, and gross profit.
- At the end of the accounting period.
- Current Assets
- Current Liabilities
- Not on the balance sheet
5 True/False questions
Sales Returns and allowances and sales discounts are: → Contra revenue accounts
How do you calculate the income from operations? → Net sales - Cost of Goods sold
An example of a cash equivalent is... → a measure of net income earned on each share of common stock.
What is the classification for supplies? → Property, plant, and equipment
The revenue recognition principle requires that sales revenues be recognized: → (Interest Expense) + Interest Income