Questions And Answers Questions Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans Under U.S. GAAP, current assets are generally listed on the balance sheet in descending order of liquidity. 593 viewsAnonymous deleted answer February 13, 2020 0 Votes 0 Ans Sales Returns and Allowances is a contra-revenue account 485 viewsDarshita asked February 11, 2020 0 Votes 1 Ans In a perpetual inventory system, when merchandise is returned to the seller, Cost of Merchandise Sold is debited as part of the transaction 561 viewsDarshita asked February 11, 2020 0 Votes 1 Ans When merchandise that was sold is returned, a credit to sales returns and allowances is made. 544 viewsDarshita asked February 11, 2020 0 Votes 1 Ans If payment is due by the end of the month in which the sale is made, the invoice terms are expressed as n/30. 943 viewsDarshita asked February 11, 2020 0 Votes 0 Ans Under the periodic inventory system, the cost of merchandise sold is recorded when sales are made 483 viewsDarshita asked February 11, 2020 0 Votes 1 Ans Under the perpetual inventory system, when a sale is made, both the sale and cost of merchandise sold are recorded. 735 viewsDarshita asked February 11, 2020 0 Votes 1 Ans Cost of Merchandise Sold is often the largest expense on a merchandising company income statement. 598 viewsDarshita asked February 11, 2020 0 Votes 1 Ans The cost of merchandise inventory is limited to the purchase price less any purchase discounts. 923 viewsDarshita asked February 11, 2020 0 Votes 1 Ans Freight-in is considered a cost of purchasing inventory 477 viewsDarshita asked February 11, 2020 0 Votes 1 Ans Other income and expenses are items that are not related to the primary operating activity. 744 viewsDarshita asked February 11, 2020 0 Votes 1 Ans In the merchandising income statement, sales will be reduced by sales discounts and sales returns and allowances to arrive at net sales 719 viewsDarshita asked February 11, 2020 0 Votes 1 Ans Freight in is the amount paid by the company to deliver merchandise sold to a customer 584 viewsDarshita asked February 11, 2020 0 Votes 0 Ans Income that cannot be associated definitely with operations, such as a gain from the sale of a fixed asset, is listed as Other Income on the multiple-step income statement 536 viewsDarshita asked February 11, 2020 0 Votes 1 Ans The single-step income statement is easier to prepare, but a criticism of this format is that gross profit and income from operations are not readily available 608 viewsDarshita asked February 11, 2020 0 Votes 1 Ans On the income statement in the single-step form, the total of all expenses is deducted from the total of all revenues 609 viewsDarshita asked February 11, 2020 0 Votes 1 Ans The form of the balance sheet in which assets, liabilities, and owner’s equity are presented in a downward sequence is called the report form 696 viewsDarshita asked February 11, 2020 0 Votes 0 Ans Gross profit minus selling expenses equals net income 423 viewsDarshita asked February 11, 2020 0 Votes 1 Ans Net sales is equal to sales minus cost of merchandise sold 580 viewsDarshita asked February 11, 2020 0 Votes 1 Ans In a multiple-step income statement the dollar amount for income from operations is always the same as net income 801 viewsDarshita asked February 11, 2020 « Previous 1 2 … 16 17 18 19 20 … 128 129 Next »
