5 Written questions
5 Matching questions
- The journal entry to record a return of merchandise by a customer for credit on account would include a...
- What is the classification for long-term investment in bonds?
- In a periodic inventory system, the cost of goods sold is determined:
- What is the classification for Common Stock?
- The current ratio is a:
- a liquidity ratio.
- b Debit to Sales Returns
- c At the end of the accounting period.
- d Stockholders' Equity
- e Current Assets
5 Multiple choice questions
- Specific identification
- Current Assets
- both the periodic and perpetual inventory systems
5 True/False questions
Each of the following is a merchandising business EXCEPT:
Laundry and dry cleaners
Greeting card store → Laundry and dry cleaners.
How do you calculate the net income? → Income from operations - Other revenue and expense - income tax expense
What is: The total cost of merchandise sold during hte period. → Property, plant, and equipment
How do you calculate the income from operations? → gross margin - operating expenses
Under the perpetual inventory system, purchases of merchandise for sale are recorded inan account called: → At the end of the accounting period.