2543317
Description
Quiz by Claudia Voin, updated more than 1 year ago
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Created by Claudia Voin
over 9 years ago
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Question 1
Question
When goods are purchased for resale by a company using a periodic inventory system
Answer
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purchases are debited to Merchandise Inventory
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purchases are debited to Purchases
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purchase returns are debited to Purchases R&A
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freight costs are debited to Purchases
Question 2
Question
In determining cost of goods purchased
Answer
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beginning inventory is added to net purchases
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freight out is added to net purchases
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purchase R&A are deducted from net purchases
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freight in is added to net purchases
Question 3
Question
Which of the following should not be included in the physical inventory of a company
Answer
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goods held on consignment from another company
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goods shipped on consignment from another company
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goods in transit purchased from a manufacturer shipped FOB shipping point
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none of the above
Question 4
Question
If beginning inventory is 60 000, cost of goods purchased is 380 000, and ending inventory is 50 000. CoGS=?
Answer
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330k
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370k
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390k
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420k
Question 5
Question
A multiple step income statement in a periodic inventory system differs from that in a perpetual inventory system because it has
Answer
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a detailed cost of goods section
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net sales
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gross profit
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operating expenses
Question 6
Question
FOB shipping point indicates that
Answer
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there are no shipping charges involved
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the seller and the purchaser split shipping charges
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the seller will record shipping charges on their books
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the purchaser will record shipping charges on their books
Question 7
Question
Current ratios for four companies are provided below, Select the current ratio of the company in the best position
Answer
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1.31:1
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2.10:1
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2.30:1
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0.44:1
Question 8
Question
Inventory turnover stats for four companies are provided below. Select the inventory turnover of the company in the best position
Answer
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4.57 times
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2.10 times
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10.92 times
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8.44 times
Question 9
Question
Which of the following would be considered a selling expense?
Answer
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Freight In
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Amortization Expense - Display Fixtures
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Amortization Expense - Office Equipment
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Loss on Sale of Display Fixtures
Question 10
Question
In a periodic inventory system, cost of goods sold is recorded
Answer
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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
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