Questions And Answers Questions Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans Gross profit is equal to: A. sales plus (sales discounts and sales returns and allowances) plus cost of merchandise sold B. sales plus sales returns and allowances less sales discounts less cost of merchandise sold C. sales plus sales discounts less sales returns and allowances less cost of merchandise sold D. sales less (sales discounts and sales returns and allowances) less cost of merchandise sold 582 viewsDarshita Changed status to publish February 16, 2020 0 Votes 1 Ans . When comparing a retail business to a service business, the financial statement that changes the least is the A. Balance Sheet B. Income Statement C. Statement of Owner’s Equity D. Statement of Cash Flow 2.48K viewsDarshita Changed status to publish February 16, 2020 0 Votes 1 Ans . When comparing a retail business to a service business, the financial statement that changes the most is the A. Balance Sheet B. Income Statement C. Statement of Owner’s Equity D. Statement of Cash Flow 2.22K viewsDarshita Changed status to publish February 16, 2020 0 Votes 1 Ans When the perpetual inventory system is used, the inventory sold is shown on the income statement as A. cost of merchandise sold B. purchases C. purchases returns and allowances D. net purchases 741 viewsDarshita Changed status to publish February 16, 2020 0 Votes 1 Ans The inventory system employing accounting records that continuously disclose the amount of inventory is called A. retail B. periodic C. physical D. perpetual 795 viewsDarshita Changed status to publish February 16, 2020 0 Votes 1 Ans The primary difference between a periodic and perpetual inventory system is that a A. periodic system determines the inventory on hand only at the end of the accounting period B. periodic system keeps a record showing the inventory on hand at all times C. periodic system provides an easy means to determine inventory shrinkage D. periodic system records the cost of the sale on the date the sale is made 813 viewsDarshita Changed status to publish February 16, 2020 0 Votes 1 Ans Which account is not classified as a selling expense? A. Sales Salaries B. Freight-Out C. Freight-In D. Advertising Expense 667 viewsDarshita Changed status to publish February 16, 2020 0 Votes 1 Ans Merchandise inventory is classified on the balance sheet as a A. Current Liability B. Current Asset C. Long-Term Asset D. Long-Term Liability 560 viewsDarshita Changed status to publish February 16, 2020 0 Votes 1 Ans The statement of owner’s equity shows A. only net income, beginning and ending capital B. only total assets, beginning and ending capital C. only net income, beginning capital, and withdrawals D. all the changes in the owner’s capital as a result of net income, net loss, additional investments, and withdrawals 1.02K viewsDarshita Changed status to publish February 16, 2020 0 Votes 1 Ans When the three sections of a balance sheet are presented on a page in a downward sequence, it is called the A. account form B. comparative form C. horizontal form D. report form 733 viewsDarshita Changed status to publish February 16, 2020 0 Votes 1 Ans Multiple-step income statements show A. gross profit but not income from operations B. neither gross profit nor income from operations C. both gross profit and income from operations D. income from operations but not gross profit 700 viewsDarshita Changed status to publish February 16, 2020 0 Votes 1 Ans The form of income statement that derives its name from the fact that the total of all expenses is deducted from the total of all revenues is called a A. multiple-step statement B. revenue statement C. report-form statement D. single-step statement 856 viewsDarshita Changed status to publish February 16, 2020 0 Votes 1 Ans Office salaries, depreciation of office equipment, and office supplies are examples of what type of expense? A. selling expense B. miscellaneous expense C. administrative expense D. other expense 788 viewsDarshita Changed status to publish February 14, 2020 0 Votes 1 Ans The term “inventory” can indicate A. merchandise held for sale in the normal course of business B. equipment used to manufacture products C. supplies D. any asset 736 viewsDarshita Changed status to publish February 14, 2020 0 Votes 1 Ans What is the term applied to the excess of net revenue from sales over the cost of merchandise sold? A. gross profit B. income from operations C. net income D. gross sales 901 viewsDarshita Changed status to publish February 14, 2020 0 Votes 1 Ans Generally, the revenue account for a merchandising business is entitled A. Sales B. Fees Earned C. Gross Sales D. Gross Profit 883 viewsDarshita Changed status to publish February 14, 2020 0 Votes 1 Ans Net income plus operating expenses is equal to A. cost of merchandise sold B. cost of merchandise available for sale C. net sales D. gross profit 664 viewsDarshita Changed status to publish February 14, 2020 0 Votes 0 Ans Which one of the following is not a difference between a retail business and a service business? A. in what is sold B. the inclusion of gross profit in the income statement C. accounting equation D. merchandise inventory included in the balance sheet 581 viewsDarshita Changed status to publish February 14, 2020 0 Votes 1 Ans Match each of the following terms with the correct definition below…Shipping terms where the ownership of merchandise passes 951 viewsDarshita Changed status to publish February 14, 2020 0 Votes 1 Ans Match each of the following terms with the appropriate definition below….Early payment discount offered to customers by the seller 639 viewsDarshita Changed status to publish February 14, 2020 « Previous 1 2 … 13 14 15 16 17 … 128 129 Next »
