ACC 290 Week 3 Practice Quiz
ACC 290 Week 3 Practice Quiz
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ACC 290 Week 3 Practice Quiz
http://issuu.com/lucky269/docs/uoptutorial.docx
ACC 290 Week 3 Practice Quiz
Complete the Week 1 Practice Quiz in WileyPLUS
Practice Question 01
The operating cycle of a merchandising company is ordinarily shorter than that of a service company.
True
False
Practice Question 05
The operating cycle of a merchandising company is ordinarily ___________________ that of a service firm.
has fewer steps than
longer than
the same as
shorter than
Practice Question 24
Which statement is true when recording the sale of goods for cash in a perpetual inventory system?
Only one journal entry is necessary. It will record the receipt of cash and sales revenue.
Two journal entries are necessary: one to record the receipt of cash and reduction of inventory, and one to record the the cost of goods sold and sales revenue.
Two journal entries are necessary: one to record the receipt of cash and sales revenue, and one to record the cost of goods sold and to reduce inventory.
Only one journal entry is necessary. It will record cost of goods sold and reduce of inventory.
Practice Question 29
Net income is $15,000, operating expenses are $20,000, and net sales total $75,000. How much is cost of goods sold?
$40,000
$15,000
$35,000
$60,000
Practice Question 34
Which one of the following will result in gross profit?
Sales revenue less cost of goods sold
Operating expenses less cost of goods sold
Operating expenses less net income
Sales revenue less operating expenses
Practice Question 39
Under what system is cost of goods sold determined at the end of an accounting period?
Double entry inventory system
Single entry inventory system
Perpetual inventory system
Periodic inventory system
Practice Question 45
Net income is $15,000, operating expenses are $20,000, net sales total $75,000, and sales revenues total $95,000. How much is the profit margin?
75%
79%
20%
16%
Practice Question 57
In a periodic inventory system, when is the cost of the merchandise sold determined?
At the time of the sale
At the end of the period
Periodically during the period
Either at time of sale, end of period or periodically during the period
Question 5
Waymon Co. has net sales of $100,000, cost of goods sold of $70,000, and operating expenses of $18,000. What is its gross profit?
Gross profit
$
Question 6
Masie Ascot believes revenues from credit sales may be recorded before they are collected in cash. Do you agree? Explain.
ACC 290 Week 3 Practice Quiz
http://issuu.com/lucky269/docs/uoptutorial.docx
ACC 290 Week 3 Practice Quiz
Complete the Week 1 Practice Quiz in WileyPLUS
Practice Question 01
The operating cycle of a merchandising compa