What is the term applied to the excess of sales end the cost of items sold? a. Gross profit b. Operations c. Net income d. Gun sales

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Sales come customers that use financial institution credit cards such as MasterCard and also Visa space usually tape-recorded by a a. Debit to financial institution Credit map Sales, debit to credit Card Expense, and also a credit transaction to Sales b. Debit come Cash and a credit transaction to Sales c. Debit to Cash, credit to credit Card Expense, and a credit to Sales d. Debit to Sales, debit to credit Card Expense, and a credit to Cash
If the buyer is to salary the freight prices of transporting merchandise, shipment terms are declared as a. FOB shipping allude b. FOB destination c. FOB n/30 d. FOB buyer
Which account is no classified together a offering expense? a. Sales earnings b. Delivery price c. Price of goods Sold d. Advertising Expense
When the perpetual inventory mechanism is used, the inventory sold is displayed on the earnings statement as a. Expense of products sold b. Purchase c. Purchases returns and also allowances d. Network purchases
Using the adhering to information, what is the amount of gross profit?Purchases- $32,000Inventory, $5,700(Sept 1st)Admin expense- $910Rent Revenue $1200Selling Expense- $960Inventory- $6370(Sept 30th)Sales- $63000Interest Expense- $1040*hint (Cost of goods Sold= inventory on Sept first +purchase - inventory on Sept 30) a. $25,300 b. $31,670 c. $30,600 d. $62,840
Inventory shrinkage is recorded when a. Goods is went back by a buyer b. Was purchased from a seller is incomplete or brief c. Was is went back to a seller d. There is a difference in between a physical count of inventory and inventory records
The main difference between the periodic and perpetual inventory equipment is that a a. Periodic mechanism determines the list on hand only at the end of the accounting duration b. Periodic device keeps a document showing the list on hand at all times c. Routine system gives an easy method to determine inventory shrinkage d. Periodic system records the expense of the sale on the date the revenue is made
If merchandise offered on account is went back to the seller, the seller acknowledges the return through issuing a a. Sales invoice b. Purchase invoice c. Credit transaction memo d. Debit memo
The entry to document the return that merchandise native a customer would encompass a a. Debit come Sales b. Credit transaction to Sales c. Debit to client Refunds Payable d. Debit to estimated Returns Inventory
Which that the complying with items should not be consisted of in the expense of finishing inventory? a. Purchased units in transit, shipped FOB shipping allude b. Purchased devices in transit, shipped FOB destination c. Units on hand in the warehouse d. Offered units in transit, not invoiced, and shipped FOB destination
President"s salaries, depreciation that office furniture, and office supplies are a. Selling costs b. Miscellaneous costs c. Governmental expenses d. Perform expenses
Using the complying with information, what is the price of goods sold?Purchases-$32,000Inventory- $5700(Sept 1st)Admin expense- $910Rent Revenue-$1200Selling expense-$960Inventory-$6370(Sept 30th)Sales-$63,000Interest Expense-$1040*hint (COGS= list ON SEPT 1ST+PURCHASES - list ON SEPT 30) a. $32,400 b. $32,670 c. $31,330 d. $38,370
Merchandise is notified on November 10; the merchandise is transport by the seller and also the invoice is prepared, dated, and mailed by the seller ~ above November 13; the goods is obtained by the buyer on November 18; the entrance is do in the buyer"s account on November 20. The credit period begins with what date? a. November 10 b. November 13 c. November 18 d. November 20
Inventory is divide on the balance sheet together a a. Present liability b. Present asset c. Irreversible asset d. Permanent liability




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