2534597
Descripción
Test por Claudia Voin, actualizado hace más de 1 año
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Creado por Claudia Voin
hace más de 9 años
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Pregunta 1
Pregunta
A merchandiser differs from a service business in that it
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is more profitable
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makes, buys, sells goods to customers
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has greater cash flow
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requires more government regulation
Pregunta 2
Pregunta
Two categories of expenses in merchandising companies are
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cost of goods sold and financial expenses
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cost of goods sold and financing expenses
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cost of goods sold and operating expenses
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sales and cost of goods sold
Pregunta 3
Pregunta
The primary source of revenue for a service company is
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Investment income
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Service revenue
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The sale of merchandise
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The sale of capital assets the company owns
Pregunta 4
Pregunta
Service revenue less operating expenses is called
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gross profit
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net profit
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net income
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marginal income
Pregunta 5
Pregunta
The operating cycle of a service company differs from that of a merchandising company in that
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is usually longer in days
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is usually shorter in days
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involves the purchase of inventory
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involves the sale of merchandise
Pregunta 6
Pregunta
Which of the following formulas in incorrect
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gross profit - operating expenses = net income
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sales - cost of goods sold - operating expenses = net income
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net income + operating expenses = gross profit
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operating expenses - cost of goods sold = gross profit
Pregunta 7
Pregunta
With respect to the income statement
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contra-revenue accounts do not appear on the income statement
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contra-revenue accounts increase the amount of operating expenses
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cost of goods sold reduces gross profit
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none of the above
Pregunta 8
Pregunta
The journal entry to record the return of merchandise purchased on account under a perpetual inventory system would credit
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A/P
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Purchases R & A
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Sales
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Merchandise Inventory
Pregunta 9
Pregunta
Under a perpetual inventory system, acquisition of merchandise for resale is debited to the
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merchandise inventory account
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cost of goods sold account
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supplies account
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purchases account
Pregunta 10
Pregunta
Under a perpetual inventory system, cost of goods sold is recorded
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on a daily basis
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on a monthly basis
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on an annual basis
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with each sale
Pregunta 11
Pregunta
If ABC's accounting records should, using a perpetual inventory system, an ending inventory balance of $25 000 and a physical count shows $23 000, it is important to
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debit your inventory records
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purchase additional inventory
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remove the nonexistent inventory from your records
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credit cost of goods sold
Pregunta 12
Pregunta
Detailed records of goods held for resale are not maintained undera a
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perpetual inventory system
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periodic inventory system
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double-entry accounting system
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single-entry accounting system
Pregunta 13
Pregunta
Babcock Co. purchased merchandise from Gerber Co. with freight terms of FOB shipping point. The freight costs will be paid by the
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seller
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buyer
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transportation company
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buyer and seller
Pregunta 14
Pregunta
Wright Co. recently made a purchase of $10 000 from a major supplier. Shipping costs were $200, terms FOB shipping point. To record this purchase, Wright Co. will need to debit the
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Merchandise Inventory account for $10 000
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Cost of Goods Sold account for $200
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Merchandise Inventory account for $10 200
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Cost of Goods Sold account for $10 200
Pregunta 15
Pregunta
Benders Shoe Store had a beginning merchandise inventory of $18 000. During the period, purchases were $70 000; purchase returns, $3 000; and freight in, $6 000. A physical count of inventory at the end of the period revealed that $12 000 was still on hand. Using a perpetual inventory system, CoGS was
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$88k
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$79k
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$91k
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$85k
Pregunta 16
Pregunta
The Sales R&A account is classified as
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an asset
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a contra-asset
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an expense
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a contra-revenue
Pregunta 17
Pregunta
A sales invoice is a a source document that
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provides support for goods purchased for resale
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provides evidence of incurred operating expenses
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provides evidence of credit sales
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serves only as a customer receipts
Pregunta 18
Pregunta
The journal entry to record a shortage of inventory at the end of the accounting period is
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Cost of Goods Sold Merchandise Inventory
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Merchandise Inventory Service Revenue
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Accounts Receivable Service Revenue
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Accounts Receivable Merchandise Inventory
Pregunta 19
Pregunta
Sales revenue
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may be recorded before cash is collected
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will always equal cash collections in a month
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only results from credit sales
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is only recorded after cash is collected
Pregunta 20
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A Sales R&A account is not debited if
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a customer returns defective merchandise
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a customer receives a credit for merchandise of inferior quality
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a customer returns goods that are not in accordance with specifications
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a buyer returns defective merchandise
Pregunta 21
Pregunta
If a customer agrees to keep merchandise that is defective because the seller is willing to reduce the price, this transaction is known as a sales
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discount
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return
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mistake
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allowance
Pregunta 22
Pregunta
When goods are returned that relate to a prior cash sale
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the Sales R&A account should not be used
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the Cash account will be credited
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Sales R&A will be credited
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A/R will be credited
Pregunta 23
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The Sales R&A account does not provide info to management about
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possible inferior merchandise
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the percentage of credits vs cash sales
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inefficiencies in filling orders
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customers may be dissatisfied with the products
Pregunta 24
Pregunta
Which of the following accounts has a normal credit balance?
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Sales R&A
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Freight Out
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Sales
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Cost of Goods Sold
Pregunta 25
Pregunta
Tokyo Co sells merchandise on account for $1 200 (cost $750) to Thomas Co. Thomas Co returns $00 (cost $250) of merchandise that was damaged, along with a cheeque to settle the account. What entry does Tokyo Co make upon receipt of the cheque?
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Cash 1 200, Sales 1 200
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Sales R&A 250, Cost of Goods Sold 250
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Cash 800 and Merchandise Inventory 400, A/R 1 200
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Cash 800, A/R 800
Pregunta 26
Pregunta
Which of the following is a true statement about inventory systems
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periodic inventory systems require more detailed inventory records
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perpetual inventory systems require more detailed inventory records
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periodic inventory systems requires cost of goods sold to be determined with each sale
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perpetual inventory systems are specifically meant for companies that sell low unit value items
Pregunta 27
Pregunta
A physical inventory should be taken
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after every purchase of merchandise
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after every sale
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at or near the balance sheet date
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only if a manual account system is used
Pregunta 28
Pregunta
Northend Electric returned to Southerby Inc 5 damaged fuses. Southerby accepted the return and refunded the $200 Northend had paid for the order. To record this return, Southerby accountant must
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Cash; Sales
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Sales R&A; Cash
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Cash; Merchandise Inventory
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Cost of Goods Sold; Merchandise Inventory
Pregunta 29
Pregunta
In a perpetual inventory system, the Merchandise Inventory account must equal the actual merchandise on hand
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at all times
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only after the physical inventory count has occured
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only at the beginning of the accounting period
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only at the end of the accounting period
Pregunta 30
Pregunta
Taking a physical inventory count involves all of the following except
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counting the units on hand
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applying unit costs to the total inventory on hand for each item of inventory
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evaluating whether inventory needs to be written off as obsolete
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totaling the cost of each item of inventory determine the total cost of goods on hand
Pregunta 31
Pregunta
If a purchaser using a perpetual system agrees to freight terms of FOB destination, then the
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Merchandise Inventory account will be increased
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Merchandise Inventory account will be decreased
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Merchandise account will not be affected
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Cost of Goods Sold account will be increased
Pregunta 32
Pregunta
Freight costs paid by a seller on merchandise sold to customers will cause an increase
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in the selling expense of the buyer
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in operating expenses for the seller
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to the cost of goods sold for the seller
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to the Merchandise Inventory account for the seller
Pregunta 33
Pregunta
Using a perpetual inventory system, the respective normal account balances balances of Merchandise Inventory, Sales R&A, Cost of Goods Sold are
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credit, credit, credit
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debit, debit, debit
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debit, credit, credit
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debit, debit, credit
Pregunta 34
Pregunta
Income from operations will result if
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the cost of goods sold exceeds operating expenses
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revenues exceed cost of goods sold
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revenues exceed operating expenses
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gross profit exceeds operating expense
Pregunta 35
Pregunta
If a company has net sales of 500 000 and cost of goods sold of 350 000, the gross profit percentage is
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70%
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30%
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15%
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100%
Pregunta 36
Pregunta
Gross profit does not appear
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on a multiple-step income statement
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on a single-step income statement
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to be relevant in analyzing the operating of a merchandising company
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on the income statement if the periodic system is used because it cannot be calculated
Pregunta 37
Pregunta
Kerr Co has a beginning merchandise inventory at 17 000 an ending merchandise inventory of 20 000 and a cost of goods sold of 20 000. Inventory turnover is calculated to be
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5.41 times
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11.76 times
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10.81 times
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0.10 times
Pregunta 38
Pregunta
Inventory Turnover measures the number of times inventory is
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purchased
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sold
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returned
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paid for
Pregunta 39
Pregunta
In preparing closing entries for a merchandising companies, the owner's capital account will be debited for the balance of the
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Sales Revenue
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Cost of Goods Sold
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Ending Inventory
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Cash
Pregunta 40
Pregunta
The Merchandise Inventory account account balance appearing in an unadjusted trial balance under a perpetual inventory system represents the
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ending inventory
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beginning inventory
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cost of merchandise purchased
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cost of merchandise sold
Pregunta 41
Pregunta
On a classified balance sheet, merchandise inventory is classified as a
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current liability
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capital asset
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current asset
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long-term investment
Pregunta 42
Pregunta
The cost of goods sold account
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is a temporary account
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is a permenant account
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appears on the balance sheet as an asset
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appears on the income statement as an operating expense
Pregunta 43
Pregunta
When using a perpetual inventory system, the adjusting entry required when merchandise inventory records do not agree with the physical account
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has an effect on cost of goods sold
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has no effect on cost of goods sold
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requires reporting a loss when actual is higher than records
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requires reporting a gain when actual is lower than records
Pregunta 44
Pregunta
When recording a credit sale, all of the following accounts are affected except
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sales
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a/r
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merchandise inventory
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cash
Pregunta 45
Pregunta
Toby Co purchased 10 000 in merchandise and sold it six months later 18 000, At the time of the sale, Toby will
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debit the cost of goods sold account for 18 000
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debit the cost of goods sold account for 10 000
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credit the cost of goods sold account for 18 000
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credit the cost of goods sold account for 10 000
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