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Merchandise inventory account fixed asset-true or false

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Reference no: EM132971272

Problem 1: A merchandising business does not make the goods it sells.

True or False?

Problem 2: The Merchandise Inventory account is debited when supplies are purchased.

True or False?

Problem 3: The periodic inventory method gives the business owner a daily updated figure for merchandise on hand.

True or False?

Problem 4: The Merchandise Inventory account is a fixed asset?

True or False?

Problem 5: When the periodic inventory system is in use, the dollar value of the ending inventory is determined by taking a physical count.

True or False?

Problem 6: The cost of Goods Sold appears on the balance sheet?

True or False?

Problem 7: Gross profit can never be less than net income.

True or False?

Problem 8: Under the periodic method, goods purchased for resale during the fiscal period are debited to the Purchases account.

True or False?

Problem 9: On the worksheet, the Purchases figure is extended to the debit side of the income statement columns.

True or False?

Problem 10: On the worksheet, the opening inventory figure is extended to the debit side of the balance sheet columns.

True or False?

Reference no: EM132971272

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