Sample quiz- section-2

Invoice is a document issued by the _____ to the ____which specifies  the details of sales, such as the date of sale, Unit Price, Quantity sold, total price billed, terms of sale and the manner of shipment for the products that have been sold to the buyer

• •Seller, buyer

• •Buyer, Seller

• •Buyer, Buyer

• •Seller, Seller

Expected payment immediately when the buyer receives your invoice - term is relates to which of the following?

• •Net

• •EOM

• •1/10

• •Upon receipt

The buyer of goods received discount from the seller. The buyer called it as_______ discount

• •EOM

• •Purchase

• •Discount

• •Sales

Which inventory method is suited when prices changes from purchase to purchase?

• •Weighted average

• •FIFO

• •LIFO

• •Specific Identification

The Buyer bears the entire cost of shipment or freight charges- which term is used for the above.

• •Shipping term

• •FOB Destination

• •FOB Shipping point

• •FOB Shipping point

Identify the value of cost of goods sold:

Ending inventory 20,000, Beginning inventory55,000, Net cost of purchases 35,000

• 78,000

• 86,000

• 58,000

• 70,000

Following are the details of purchases of inventory for April 2019. 

   1    Purchased 100 units @ 10 each

  2   Purchased 200 units @ OMR 10.2 each.

  7   Purchased 200 units @ OMR10.50 each

  10  Purchased 300 units @ OMR10.80 each

  20   Purchased 100 units @ OMR11 each

  The company used Perpectual method- weighted average method of inventory valuation.  Identify the value of closing stock goods

• 34,000

• 24,000

• 14,000

• None of the options

Cost of goods sold is an ________ item.

• Liability

• Asset

• Expenses

• Income

1 _____________is a business that purchases finished products that are ready  for sale and resells them to  customers. 

• •business

• •Manufacturing business

• •Merchandise business

• •None of the options

EOM means______