Reference no: EM131585017
Question 1: Which of the following is not a difference between a retail business and a service company?
In what is sold
The inclusion of the gross profit in the statement of income and expenses
Accounting equation
Inventory of goods included in the statement of situation
Question 2: Net income plus operating expenses is equal to
Cost of merchandise sold
Cost of goods available for sale
Sales
gross profit
Question 3: What is the term applied to the excess of net sales income over the cost of merchandise sold?
gross profit
Operating income
net income gross sales
Question 4: The inventory system is called with continuous accounting records for each transaction affecting the inventory
Retail
Newspapers
physical
perpetual
Question 5: Calculates Alpha business operations revenues based on the following data:
|
Sales
|
$764.000
|
|
Operating Expenses
|
52.500
|
|
Cost of goods sold
|
538.000
|
$ 485,500
$ 711,500
$ 173,500
$ 226,000
Question 6: Gross profit is equal to
Sales and cost of merchandise sold
Sales plus selling expenses
Sales minus selling expenses
Sales minus cost of goods sold
Question 7: When comparing a retail business to a service company, the one that most changes from the financial statements is:
Status
Statement of income and expenses
Equity status of the owner
Statement of cash flows
Question 8: Calculates the net profit for the Beta Company based on the following:
|
Sales
|
$764.000
|
|
Selling expenses
|
42.500
|
|
Cost of goods sold
|
538.000
|
$ 495,500
$ 183,500
$ 721,500
$ 226,000
Question 9: The Charlie company sold merchandise to the Delta company on credit, $ 25,500, 2/15 terms, net 45. Delta paid the invoice within the discount period. What is the amount of sales from previous operations?
$ 25,500
$ 26,010
$ 24,990
$ 16,000
Question 10: The main difference between a periodic and perpetual inventory system is that a ...
Periodic system determines the inventory available only at the end of the accounting period.
Periodic system maintains a record showing the inventory available at all times.
Periodic system provides an easy means to determine inventory shrinkage.
Periodic system records the cost of the sale at the date of sale.
Question 11: Using a perpetual inventory system, the entry to record the sale of merchandise on credit includes a ...
Debt to sales.
Debit to inventory of goods.
Credit to the inventory of goods.
Credit to accounts receivable.
Question 12: Which of the following accounts has a normal debit balance?
Debts to pay
Merchandise inventory
Customer Service
Interest income
Question 13: Using a perpetual inventory system, the registry entry for the return of a customer of the merchandise sold on credit includes a ...
Credit to accounts payable.
Debit to inventory of goods.
Credit to the inventory of goods.
Debit to cash.
Question 14: It prepares the statement of income and expenses of a stage of the company Echo, with the following information of the accounts of major to the 31 of December of 20xx:
|
Accounts to pay
|
$97,200
|
|
Accounts receivable
|
64,300
|
|
accumulated depreciation - office
|
72,750
|
|
accumulated depreciation - building
|
162,100
|
|
administrative expenses
|
56,500
|
|
Echo - capital
|
81,750
|
|
cash
|
53,000
|
|
Cost of goods sold
|
121,700
|
|
Echo - Withdrawal
|
52,000
|
|
Interest expense
|
12,000
|
|
merchandise inventory
|
93,250
|
|
Notes payable
|
154,000
|
|
Office equipment
|
149,750
|
|
Prepaid insurance
|
6,500
|
|
Accounts receivable
|
17,500
|
|
Wages to pay
|
28,700
|
|
Sales
|
365,500
|
|
Sales expenses
|
41,500
|
|
equipment
|
325,000
|
|
Office supplies
|
4,000
|