The retailer net sales and the cost of goods sold

Assignment Help Operation Management

Reference no: EM132149543

1. One of the major objectives of financial plans is to build traffic.

True

False

2. Which of the following is a type of financial statement fraud?

All of these answers are correct

Taking advantage of the accounting cutoff period to boost sales

Concealing paperwork related to expenses

Overstating inventory value

Not disclosing all changes in accounting procedures

3. The income statement includes which of the following?

Gross Profit

Net Income before taxes

Income taxes

Operating Expenses

All of these answers are correct.

4. Which is a category of assets?

Long-term assets

Current Assets

Concurrent

Long-term assets and current assets

None of these answers is correct

5. Blockbuster Video and the Borders Group, Inc. are companies that have successfully reorganized after declaring bankruptcy.

False

True

6. If current assets are $50,000 and current liabilities are $68,000 then the current ratio is .27 to 1.

True

False

7. Gross profit is the difference between the retailer’s net sales and the cost of goods sold.

False

True

8. Primary statements or reports found in a retail accounting system include which of the following?

None of these answers is correct.

Site selection criteria

A report on growth management

a balance sheet

Inventory projections

9. A retail accounting system

is a storage center for laws related to running the business

helps a retailer account for each employee

houses information related to site location

can only be accessed by upper management

None of these answers is correct.

10. Liquidity ratios reflect management’s control of

long-term liabilities

current assets and current liabilities

cash

All of these answers are correct

long-term assets

Reference no: EM132149543

Questions Cloud

Act states that prevailing wages must be paid to workers : Which Act states that prevailing wages must be paid to workers. The Clayton Act stated that:

Provide an overview of your companys distribution channels : Provide an overview of your company's distribution channels. Explain the manner in which your product will reach end users.

What are greg total deductible expenses : What are Greg's total deductible expenses for tax purposes. Explain how you came up with this amount and why some amounts aren't included

Template for future motivational deliveries to staff : Should there be some recording of successes in these scenarios to use as a template for future motivational deliveries to staff?

The retailer net sales and the cost of goods sold : Gross profit is the difference between the retailer’s net sales and the cost of goods sold. Liquidity ratios reflect management’s control.

How does effective schema development affect our ability : How does effective schema development affect our ability to move knowledge (memories) from working memory to long-term memory?

What are some advantages or disadvantages of strategies : What are some advantages or disadvantages of these strategies? Provide specific examples to support your answers.

What is your response to the general manager request : The plant's General Manager feels that the revenue recognition principle doesn't apply, What is your response to the General Manager's request

Prepare a presentation about age discrimination : To begin, review the SLP materials related to Age Discrimination in the background material.

User Account

All Pages