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Quiz von Mahmoud Hemood, aktualisiert more than 1 year ago
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Erstellt von Mahmoud Hemood
vor etwa 6 Jahre
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Frage 1
Frage
Merchandise inventory is classified on the balance sheet as a
Antworten
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current liability
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current asset
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long-term asset
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long-term liability
Frage 2
Frage
What is the term applied to the excess of net revenue from sales over the cost of merchandise sold?
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gross profit
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income from operations
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net income
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gross sales
Frage 3
Frage
The inventory system employing accounting records that continuously disclose the amount of inventory is called
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retail
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periodic
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physical
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perpetual
Frage 4
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Calculate the gross profit for Jefferson Company based on the following:
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$495,500
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$183,500
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$721,500
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$226,000
Frage 5
Frage
Calculate income from operations for Jonas Company based on the following data:
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$485,500
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$711,500
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$173,500
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$226,000
Frage 6
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Gross profit is equal to
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sales plus cost of merchandise sold
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sales plus selling expenses
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sales less selling expenses
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sales less cost of merchandise sold
Frage 7
Frage
Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. The Pound Co. paid the invoice within the discount period. What is the sales amount to be recorded in the above transactions?
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$25,500
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$26,010
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$24,990
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$16,000
Frage 8
Frage
The primary difference between the periodic and perpetual inventory systems is that a
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periodic system determines the inventory on hand only at the end of the accounting period
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periodic system keeps a record showing the inventory on hand at all times
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periodic system provides an easy means to determine inventory shrinkage
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periodic system records the cost of the sale on the date the sale is made
Frage 9
Frage
Using a perpetual inventory system, the entry to record the return from a customer of merchandise sold on account includes a
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credit to Customer Refunds Payable
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debit to Merchandise Inventory
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credit to Merchandise Inventory
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debit to Cash
Frage 10
Frage
In credit terms of 3/15, n/45, the "3" represents the
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number of days in the discount period
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full amount of the invoice
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number of days when the entire amount is due
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percent of the cash discount
Frage 11
Frage
Merchandise with a sales price of $5,000 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a
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debit to Cash for $5,000
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debit to Sales Discounts for $100
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credit to Sales for $4,900
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debit to Accounts Receivable for $4,880
Frage 12
Frage
Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for $25,000. What is the amount of the sales discount allowable?
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260
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500
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460
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150
Frage 13
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Sales to customers who use bank credit cards such as MasterCard and Visa are usually recorded by a
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debit to Bank Credit Card Sales, debit to Credit Card Expense, and a credit to Sales
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debit to Cash and a credit to Sales
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debit to Cash, credit to Credit Card Expense, and a credit to Sales
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debit to Sales, debit to Credit Card Expense, and a credit to Cash
Frage 14
Frage
When purchases of merchandise are made on account with a perpetual inventory system, the transaction is recorded with which entry?
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debit Accounts Payable; credit Merchandise Inventory
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debit Merchandise Inventory; credit Accounts Payable
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debit Merchandise Inventory; credit Cash Discounts
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debit Merchandise Inventory; credit Purchases
Frage 15
Frage
Merchandise is sold for cash. The selling price of the merchandise is $6,000 and the sale is subject to a 7% state sales tax. The journal entry to record the sale would include a credit to
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cash for $6,000
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sales for $6,240
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sales tax payable for $420
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sales for $5,580
Frage 16
Frage
If the buyer is to pay the freight costs of delivering merchandise, delivery terms are stated as
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FOB shipping point
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FOB destination
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FOB n/30
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FOB buyer
Frage 17
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If the seller is to pay the freight costs of delivering merchandise, the delivery terms are stated as
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FOB shipping point
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FOB destination
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FOB n/30
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FOB seller
Frage 18
Frage
If title to merchandise purchases passes to the buyer when the goods are shipped from the seller, the terms are
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n/30
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FOB shipping point
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FOB destination
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consigned
Frage 19
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Who is responsible for the freight costs when the terms are FOB shipping point?
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the ultimate customer
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the buyer
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the seller
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either the seller or the buyer
Frage 20
Frage
Who is responsible for the freight cost when the terms are FOB destination?
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the seller
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the buyer
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the customer
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either the buyer or the seller
Frage 21
Frage
If title to merchandise purchases passes to the buyer when the goods are delivered to the buyer, the terms are
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consigned
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n/30
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FOB shipping point
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FOB destination
Frage 22
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If title to merchandise purchases passes to the buyer when the goods are shipped from the seller, the terms are
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n/30
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FOB shipping point
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FOB destination
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consigned
Frage 23
Frage
If merchandise sells for $3,500, with terms of 3/15, n/45 and the cost of the inventory sold is $2,100, the amount charged to sales is
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3395
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3500
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2037
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2100
Frage 24
Frage
Under the perpetual inventory system, all purchases of merchandise are debited to the account
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Merchandise Inventory
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Cost of Merchandise Sold
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Cost of Merchandise Available for Sale
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Purchases
Frage 25
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When the perpetual inventory system is used, the inventory sold is debited to
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Supplies Expense
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Cost of Merchandise Sold
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Merchandise Inventory
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Sales
Frage 26
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Under a perpetual inventory system
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accounting records continuously disclose the amount of inventory
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increases in inventory resulting from purchases are debited to Purchases
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there is no need for a year-end physical count
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the purchase returns and allowances account is credited when goods are returned to vendors
Frage 27
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What is the major difference between a periodic and perpetual inventory system?
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Under the periodic inventory system, the purchase of inventory will be debited to the Purchases account
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Under the periodic inventory system, no journal entry is recorded at the time of the sale of inventory for the cost of the inventory.
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Under the periodic inventory system, all adjustments such as purchases returns and allowances and discounts are reconciled at the end of the month.
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All of the answers are correct.
Frage 28
Frage
President's salaries, depreciation of office furniture, and office supplies are
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selling expenses
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miscellaneous expenses
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administrative expenses
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inventory expenses
Frage 29
Frage
Expenses that are incurred directly or entirely in connection with the sale of merchandise are classified as
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selling expenses
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general expenses
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other expenses
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administrative expenses
Frage 30
Frage
Multiple-step income statements show
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gross profit but not income from operations
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neither gross profit nor income from operations
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both gross profit and income from operations
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income from operations but not gross profit
Frage 31
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Which of the following accounts should be closed to Income Summary at the end of the fiscal year?
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Merchandise Inventory
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Accumulated Depreciation
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Dividends
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Cost of Merchandise Sold
Frage 32
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Inventory shrinkage is recorded when
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merchandise is returned by a buyer
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merchandise purchased from a seller is incomplete or short
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merchandise is returned to a seller
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there is a difference between a physical count of inventory and inventory records
Frage 33
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Where are selling and administrative expenses found on the multiple-step income statement?
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before gross profit
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after sales and before gross profit
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after net income and before expenses
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after gross profit
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