accounting quiz 1 chance 35 minutes to do only pelase help urgent 417207
Aug 29, 2021 | Uncategorized
| 1.Expenses that are incurred directly or entirely in connection with the sale of merchandise are classified as (Points : 2) |
selling expenses.
general expenses.
other expenses.
administrative expenses. |
| 2.Sometimes a(n) __________ is offered to buyers as a means of encouraging them to pay before the end of the credit period. (Points : 2) |
accounts receivable
credit card
sales discount
cash sale |
| 3.Generally, the revenue account for a merchandising business is entitled (Points : 2) |
Sales.
Net Sales.
Gross Sales.
Gross Profit. |
| 4.The difference between sales and cost of merchandise sold for a merchandising business is (Points : 2) |
sales.
net sales.
gross sales.
gross profit. |
| 5.The credit terms of a sale are normally indicated on a(n) (Points : 2) |
purchase order.
invoice.
bill of lading.
account receivable. |
| 6.Gross profit is determined by subtracting the cost of merchandise sold from what? (Points : 2) |
The cost of merchandise purchased
Fees earned
Accounts receivable
Net sales |
| 7.Multiple step income statements show: (Points : 2) |
gross profit but not income from operations.
neither gross profit nor income from operations.
both gross profit and income from operations.
income from operations but not gross profit. |
| 8.Inventory shortage is recorded when (Points : 2) |
merchandise is returned by a buyer.
merchandise purchased from a seller is incomplete or short.
merchandise is returned to a seller.
there is a difference between a physical count of inventory and inventory records.
|
9.Dig, Inc. had the following merchandise transactions in October:
|
Purchases
|
$50,000
|
|
Purchase returns
|
$ 4,000
|
|
Purchase discounts
|
$ 1,000
|
|
Transportation in
|
$ 2,000
|
What is the total cost of merchandise purchased for Dig, Inc.? (Points : 2) |
$50,000
$47,000
$52,000
$48,000 |
| 10.Which of the following would be subtracted from gross profit to reach operating income? (Points : 2) |
Operating expenses
Other expenses
Income taxes
All of these |
|
