Accounting_25 mcqs | Accounting homework help

Question 1
A sales invoice interjacent the forthcoming information: wares load, $5,000; load, $900; stipulations 1/10, n/eom, FOB shipping aim. Coxcombical that a faith for wares returned of $700 is supposing earlier to acquittal and that the invoice is hired amid the allowance time, what is the quantity of money that should be accepted by the seller?
Answer

$5,157

$4,300

$4,257

$4,950

Question 2
Anthony Company sold Madison Company wares on totality FOB shipping aim, 2/10, net 30, for $20,000. Anthony prehired the $300 shipping load. Which of the forthcoming entries does Anthony constitute to archives this sale?

Answer

Accounts Receivable-Madison, something-due $20,000; Sales, faith $20,000

Accounts Receivable-Madison, something-due $20,000; Sales, faith $20,000, and
Accounts Receivable-Madison, something-due $300; Cash, faith $300

Accounts Receivable-Madison, something-due $20,500; Sales, faith $20,500

Accounts Receivable-Madison, something-due $20,000; Sales, faith $20,000, and
Freight Out, something-due $300; Cash, faith $300

Question 3
Cumberland Co. sells $1,200 of catalogue to Hancock Co. for money. Cumberland hired $850 for the wares. Under a perennial catalogue scheme, which of the forthcoming register note(ies) would be archivesed?

Answer
Cash $1,200 Dr, Wares Catalogue $850 Cr

Cash $1,200 Dr, Sales $1,200 Cr, Absorb of Wares Sold $850 Dr, Wares Catalogue $850 Cr.

Cash $1,200 Dr, Sales $1,200 Cr

Accounts Receivable $1,200 Dr, Sales $1,200 Cr, Absorb of Wares Sold $850 Dr, Wares Catalogue $850 Cr.

 

Question 4
Discounts enslaved by a buyer accordingly of forthcoming acquittal are archivesed on the seller’s totalitying archivess as
Answer

Purchases allowance

Sales allowance

Trade allowance

Early acquittal allowance

Question 5
Dorman Co. sold wares to Smith Co. on totality, $18,000, stipulations 2/15, net 45. The absorb of the wares sold is $15,500. Dorman Co. issued a faith memo for $1,750 for wares returned that originally absorb $1,400. The Smith Co. hired the invoice amid the allowance time. What is quantity of net sales from the over transactions?
Answer

$16,250

$14,100

$15,925

$13,818

Question 6
Expenses that are incurred immediately or unimpairedly in relevance after a while the sale of wares are classified as
Answer

selling expenditures

general expenditures

other expenditures

administrative expenditures

Question 7
Generally, the fruits totality for a merchandising appointment is entitled
Answer

Sales

Net Sales

Gross Sales

Gross Profit

Question 8
Gross gain is resembling to:
Answer

sales plus (sales allowances and sales avail and allowances) plus absorb of wares sold

sales plus sales avail and allowances hither sales allowances hither absorb of wares sold

sales plus sales allowances hither sales avail and allowances hither absorb of wares sold

sales hither (sales allowances and sales avail and allowances) hither absorb of wares sold

Question 9
If the buyer is to pay the load absorbs of delivering wares, bestowal stipulations are normal as
Answer

FOB shipping aim

FOB use

FOB n/30

FOB buyer

Question 10
If the seller is to pay the load absorbs of delivering wares, the bestowal stipulations are normal as
Answer

FOB shipping aim
FOB use
FOB n/30
FOB seller

Question 11
If appellation to wares escheatments passes to the buyer when the issue are delivered to the buyer, the stipulations are
Answer

consigned
n/30
FOB shipping aim
FOB use

 

 

Question 12
If appellation to wares escheatments passes to the buyer when the issue are shipped from the seller, the stipulations are
Answer

n/30
FOB shipping aim
FOB use
consigned

Question 13
In faith stipulations of 3/15, n/45, the "3" represents the
Answer

number of days in the allowance time
full quantity of the invoice
number of days when the unimpaired quantity is due
percent of the money allowance

Question 14
Inventory weakage is archivesed when
Answer

wares is returned by a buyer.
wares escheatmentd from a seller is blemished or weak.
wares is returned to a seller.
there is a dissonance between a natural sum of catalogue and catalogue archivess.

Question 15
Merchandise catalogue is classified on the adjust equivocation as a
Answer

Current Liability
Current Asset
Long-Term Asset
Long-Term Liability

Question 16
Merchandise after a while an invoice load of $5,000 is escheatmentd on September 2 material to stipulations of 2/10, n/30, FOB use. Load absorbs hired by the seller totaled $200. What is the absorb of the wares if hired on September 12, coxcombical the allowance is enslaved?
Answer

$5,200
$5,096
$4,704
$4,900

 

Question 17
Multiple-step allowance statements show

Answer
sensual gain but not allowance from operations
neither sensual gain nor allowance from operations
both sensual gain and allowance from operations
allowance from operations but not sensual gain

Question 18
Office salaries, depreciation of appointment equipment, and appointment anticipation are examples of what cast of expenditure?

Answer
selling expenditure
miscellaneous expenditure
administrative expenditure
other expenditure

Question 19
Sales to customers who use bank faith cards such as MasterCard and Visa are usually archivesed by a

Answer
something-due to Bank Faith Card Sales, something-due to Faith Card Expense, and a faith to Sales
something-due to Money and a faith to Sales
something-due to Cash, faith to Faith Card Expense, and a faith to Sales
something-due to Sales, something-due to Faith Card Expense, and a faith to Cash

Question 20
The arrangements between buyer and seller as to when acquittals for wares are to be made are called

Answer
faith stipulations
net money
money on demand
sensual money

Question 21
The catalogue scheme employing totalitying archivess that once divulge the quantity of catalogue is called

Answer

retail
periodic
physical
perpetual

Question 22
The suitable register note to archives the voucher of catalogue escheatmentd on totality in a perennial catalogue scheme would be:

Answer

Jan 1 Catalogue 540.00
Accounts Payable 540.00

Jan 1 Appointment Anticipation 540.00
Accounts Payable 540.00

Jan 1 Purchases 540.00
Accounts Payable 540.00

Jan 1 Purchases 540.00
Accounts Receivable 540.00

Question 23
When the perennial catalogue scheme is used, the catalogue sold is something-dueed to

Answer

anticipation expenditure
absorb of wares sold
wares catalogue
sales

Question 24
Under a perennial catalogue scheme

Answer

accounting archivess once divulge the quantity of catalogue
increases in catalogue resulting from escheatments are something-dueed to Purchases
there is no demand for a year-end natural sum
the escheatment avail and allowances totality is faithed when issue are returned to vendors

Question 25
A chart of totalitys for a merchandising appointment 

 

Answer

usually is the similar as the chart of totalitys for a use appointment
usually requires further totalitys than does the chart of totalitys for a use appointment
usually is standardized by the FASB for all merchandising appointmentes
always uses a three-digit numbering scheme

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