Reference no: EM132641248

Questions -

QUESTION 1 - The registration of collections made by the company, payment of credit sales, affect the following accounts, WITH THE EXCEPTION OF:

- Debts to pay

- accounts receivable

- cash

- income

QUESTION 2 - Sales income includes discounts for purchasing merchandise.

True

False

QUESTION 3 - The Otto Gatico company made net sales in the month of May of this year for a total of $ 212,000. The cost of goods sold was $ 74,000. What was Otto Gatico's gross profit percentage for the month of February?

- 42%

-61%

-65%

-38%

QUESTION 4 - Gross profit is not the final amount to be reported in the Income Statement.

True

False

QUESTION 5 - The company Esperpento S.A. made sales of $ 36,000 and ended July of this year with a cost of goods sold of $ 13,200. Total operating expenses were $ 6,100. What was your Net Income for that period?

- $ 17,600

- $ 11,800

- $ 16,700

- $ 14,800

QUESTION 6 - Net profit is equal to sales minus commissions and discounts.

True

False

QUESTION 7 - When we talk about conservatism, we mean recording sales using the lowest amount of money we receive during the accounting period.

True

False

QUESTION 8 - The cost of the final inventory allows us to see, together with the amount of purchases and sales made during the year, the profit obtained in the accounting period.

True

False

QUESTION 9 - When an inventory understatement occurs, its cost is being reported at a value higher than that paid when it was acquired

True

False