
Chapter 5 (ACC 121)
Business
University
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which account does a merchandiser use that a service company does not use?
Depreciation Expense
Supplies Inventory
Costs of Goods Sold
Unearned Revenue
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A perpetual inventory system
does not maintain control over inventory as strongly as a periodic inventory system does
keeps inventory continuously updated
updates inventory at the end of the month, based on a physical count
is used by both merchandising companies and service companies.
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In a perpetual inventory system, what is the journal entry for the purchase of merchandise on account?
Purchases
Acc. Pay.
Merch. Inv.
Acc. Pay.
Merch. Inv.
Acc. Rec.
Acc. Rec.
Merch. Inv.
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
TX Manufacturing purchased inventory for $2,500 and paid a $200 freight bill. TX Manufacturing returned $350 of the goods to the seller and then took a 2% purchase discount. What is TX Manufacturing’s final cost of the inventory that it kept?
2,307
2,303
2,300
2,107
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Marathon Sports Gear had net sales of $562,000 and Cost of Goods Sold of $290,000. How much gross profit did Marathon Sports Gear report?
562,000
852,000
272,000
290,000
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Suppose the Jim’s Jeans Merchandise Inventory account shows an unadjusted balance of $10,000. On December 31, 2018, the physical count of goods on hand totaled $9,200. To adjust the accounts, Jim’s Jeans would make which of the following entries?
Merch. Inv. 800
COGS 800
COGS 800
Merch. Inv. 800
Merch. Inv. 800
Purchases 800
Purchases 800
Merch. Inv. 800
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
FOB shipping point refers to the situation in which title to goods in transit rests with the
seller
buyer
shipping company
transportation company
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