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Quiz

Chapter 5

Emily Christisen 15 Fragen

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  1. 1Gross profit will result if:
    1. Aoperating expenses are less than net income.
    2. Bsales revenues are greater than operating expenses.
    3. Csales revenues are greater than cost of goods sold.
    4. Doperating expenses are greater than cost of goods sold.
  2. 2Under a perpetual inventory system, when goods are purchased for resale by a company:
    1. Apurchases on account are debited to Inventory.
    2. Bpurchases on account are debited to Purchases.
    3. Cpurchase returns are debited to Purchase Returns and Allowances.
    4. Dfreight costs are debited to Freight-Out.
  3. 3The sales accounts that normally have a debit balance are:
    1. A(a) Sales Discounts.
    2. B(b) Sales Returns and Allowances.
    3. CBoth (a) and (b).
    4. DNeither (a) nor (b).
  4. 4A credit sale of $750 is made on June 13, terms 2/10, net/30. A return of $50 is granted on June 16. The amount received as payment in full on June 23 is:
    1. A$700.
    2. B$686.
    3. C$685.
    4. D$650.
  5. 5Which of the following accounts will normally appear in the ledger of a merchandising company that uses a perpetual inventory system?
    1. APurchases.
    2. BFreight-In.
    3. CCost of Goods Sold.
    4. DPurchase Discounts.
  6. 6To record the sale of goods for cash in a perpetual inventory system:
    1. Aonly one journal entry is necessary to record cost of goods sold and reduction of inventory.
    2. Bonly one journal entry is necessary to record the receipt of cash and the sales revenue.
    3. Ctwo journal entries are necessary: one to record the receipt of cash and sales revenue, and one to record the cost of goods sold and reduction of inventory.
    4. Dtwo journal entries are necessary: one to record the receipt of cash and reduction of inventory, and one to record the cost of goods sold and sales revenue.
  7. 7The steps in the accounting cycle for a merchandising company are the same as those in a service company except:
    1. Aan additional adjusting journal entry for inventory may be needed in a merchandising company.
    2. Bclosing journal entries are not required for a merchandising company.
    3. Ca post-closing trial balance is not required for a merchandising company.
    4. Da multiple-step income statement is required for a merchandising company.
  8. 8The multiple-step income statement for a merchandising company shows each of the following features except:
    1. Agross profit.
    2. Bcost of goods sold.
    3. Ca sales revenue section.
    4. Dan investing activities section.
  9. 9If sales revenues are $400,000, cost of goods sold is $310,000, and operating expenses are $60,000, the gross profit is:
    1. A$30,000.
    2. B$90,000.
    3. C$340,000.
    4. D$400,000.
  10. 10A single-step income statement:
    1. Areports gross profit.
    2. Bdoes not report cost of goods sold.
    3. Creports sales revenues and “Other revenues and gains” in the revenues section of the income statement.
    4. Dreports operating income separately.

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221 Principles of Accounting I Quiz am Chapter 5, erstellt von Emily Christisen am 11/05/2016.
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English
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principles of accounting i221
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