Search Header Logo
Accounting II-Review

Accounting II-Review

Assessment

Flashcard

Other

12th Grade

Practice Problem

Easy

Created by

Wayground Content

Used 1+ times

FREE Resource

Student preview

quiz-placeholder

56 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Using the information below, what is the Gross Profit Margin? Options: 0.4 or 40%, 0.51 or 51%, 0.6 or 60%, 0.34 or 34%

Media Image

Back

0.4 or 40%

2.

FLASHCARD QUESTION

Front

Which account has a normal CREDIT balance? Options: Sales Discounts, Accounts Receivable, Sales Return and Allowances, Purchase Returns and Allowances

Back

Purchase Returns and Allowances

3.

FLASHCARD QUESTION

Front

When journalizing the Salaries Expense transaction, all of the deductions are recorded in which classification of accounts? Options: Liabilities, Assets, Expenses, Revenues

Back

Liabilities

4.

FLASHCARD QUESTION

Front

Back

$34,000

5.

FLASHCARD QUESTION

Front

What type of account is Sales Returns and Allowances?

Back

Contra revenue account

6.

FLASHCARD QUESTION

Front

Namron Corporation has the following balances on their financial statements. What is the company’s Debt-to-Equity Ratio?

Back

1.11

7.

FLASHCARD QUESTION

Front

On May 6, MM Company sold merchandise on account for $9,500 with credit terms of 2/10, n/30. What is the journal entry to record the receipt of payment on May 14?

Back

Debit: Cash: 9,310 Debit: Sales Discount: 190
Credit: Accounts Receivable: 9,500

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?