Inventory & COGS Flashcard
Flashcard
•
Business
•
9th Grade
•
Practice Problem
•
Hard
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10 questions
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1.
FLASHCARD QUESTION
Front
What is Inventory in a Merchandising Business?
Back
Goods that are bought and resold to earn revenue
2.
FLASHCARD QUESTION
Front
How is Inventory classified on the Balance Sheet?
Back
Current asset
3.
FLASHCARD QUESTION
Front
In the example, what item does the business sell? Options: Scarves, Gloves, Hats/Toques, Jackets
Back
Hats/Toques
4.
FLASHCARD QUESTION
Front
If a Merchandising Business buys inventory for cash, what is the correct journal entry?
Back
Debit Inventory, Credit Cash
5.
FLASHCARD QUESTION
Front
When you sell a hat for $7 "on account," which accounts are affected?
Back
Debit Accounts Receivable, Credit Revenue
6.
FLASHCARD QUESTION
Front
What is the second journal entry needed after a sale?
Back
Debit Cost of Goods Sold, Credit Inventory
7.
FLASHCARD QUESTION
Front
Cost of Goods Sold is classified as which type of account?
Back
Expense
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