Correct Answer
verified
Multiple Choice
A) Transportation costs to ship goods into the warehouse
B) Costs that are not expensed
C) Transportation costs to ship goods out of the warehouse
D) Inventory costs
Correct Answer
verified
Multiple Choice
A) Cost of sales
B) Capital
C) Sales revenue
D) Drawings
Correct Answer
verified
Multiple Choice
A) Gross profit plus net sales revenue
B) Gross profit times net sales revenue
C) Gross profit divided by net sales revenue
D) Gross profit minus net sales revenue
Correct Answer
verified
Multiple Choice
A) The accounting entry would be a $200 debit to Accounts payable and a $200 credit to Purchases.
B) The accounting entry would be a $220 debit to Purchases and a $220 credit to Accounts payable.
C) The accounting entry would be a $200 debit to Purchase returns and allowances, a $20 debit to GST clearing and a $220 credit to Accounts payable.
D) The accounting entry would be a $220 debit to Accounts payable a $200 credit to Purchase returns and allowances, and a $20 credit to GST clearing.
Correct Answer
verified
Multiple Choice
A) debit to Inventory and a credit to Cash.
B) debit to Cost of sales and a credit to Inventory.
C) debit to Cost of sales and a credit to Cash.
D) debit to Inventory and a credit to Cost of sales.
Correct Answer
verified
True/False
Correct Answer
verified
True/False
Correct Answer
verified
Multiple Choice
A) Current ratio
B) Rate of inventory turnover
C) Gross profit percentage
D) Debt ratio
Correct Answer
verified
Multiple Choice
A) Freight in is a selling expense.
B) Freight in is deducted from Accounts payable.
C) Freight in is added to the cost of inventory.
D) Freight in is an operating expense.
Correct Answer
verified
Multiple Choice
A) seller normally pays the transportation costs.
B) transportation costs are billed to the buyer.
C) buyer normally pays the transportation costs.
D) buyer and the seller split the transportation costs.
Correct Answer
verified
Multiple Choice
A) revenue.
B) expense.
C) current asset.
D) current liability.
Correct Answer
verified
True/False
Correct Answer
verified
True/False
Correct Answer
verified
True/False
Correct Answer
verified
Multiple Choice
A) FOB 2/10, n/30
B) FOB shipping point
C) FOB destination
D) None of the above
Correct Answer
verified
True/False
Correct Answer
verified
Multiple Choice
A) The gross profit percentage is one of the most carefully watched measures of profitability.
B) Retailing companies strive to increase the gross profit percentage.
C) For most companies, the gross profit percentage changes little from year to year.
D) All of the above are true.
Correct Answer
verified
True/False
Correct Answer
verified
Multiple Choice
A) a debit to Accounts payable for $60,000, a credit to Inventory for $1800 and a credit to Cash for $58,200
B) a debit to Inventory for $1800, a debit to Accounts payable for $60,000 and a credit to Cash for $61,800
C) a debit to Accounts payable for $58,200, a debit to Inventory for $1800 and a credit to Cash for $60,000
D) a debit to Accounts payable for $61,800 , a credit to Cash for $60,000 and a debit to Inventory for $1800
Correct Answer
verified
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