
Accounting Principles I - Meeting 3
Authored by Sherina Zhen
Business, Education
University
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10 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 6 pts
Which one is the correct perpetual system for recording sales?
2.
MULTIPLE CHOICE QUESTION
45 sec • 10 pts
PW sold merchandise to Sauk on account $3,500 with the cost of goods sold $1,500. Which one is the correct answer for the sales recording for periodic system?
3.
FILL IN THE BLANK QUESTION
1 min • 10 pts
Sales discount is offered to customers to___of balance due
4.
MULTIPLE CHOICE QUESTION
30 sec • 8 pts
Free on Board Shipping Point
Ownership of goods passes to buyer when public carrier accepts group from seller
Ownership of goods remains with seller until the goods reach buyer
5.
MULTIPLE CHOICE QUESTION
45 sec • 10 pts
What kind of cost flow assumptions?
Last In, First Out (LIFO)
Average Cost
First In, First Out (FIFO)
6.
MULTIPLE CHOICE QUESTION
30 sec • 10 pts
Cost of Goods Sold equation
COGS = Beginning Inventory - Cost of Goods Purchased - Ending Goods
COGS = Beginning Inventory + Cost Of Goods Purchased - Ending Goods
COGS = Liabilities + Owner's Equity
COGS = Beginning Inventory - Cost of Goods Purchased + Ending Goods
7.
FILL IN THE BLANK QUESTION
1 min • 15 pts
Cost of goods sold = $30,000
Beginning Inventory = $20,000
Ending Inventory = $12,000
Cost of goods purchased = ?
NB: Remember to use (,) as the thousand separator
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