
Acc 1 Final Exam Review

Quiz
•
Business
•
University
•
Hard
SAMANTHA HART
Used 3+ times
FREE Resource
40 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Assume both Sampson Co. and Batson Co. use a perpetual inventory system. Sampson Co. sold merchandise to Batson Co. on account, $46,000, terms 2/15, net 45. The cost of the merchandise sold is $38,500. Batson Co. paid the invoice within the discount period. What is the amount that should be debited to accounts receivable?
46,000
920
45,080
30,000
Answer explanation
The amount debited to accounts receivable is $45,080, which is the selling price of $46,000 minus the discount of $920 (2% of $46,000).
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the invoice within the discount period. What is the amount of sales from these transactions?
$25,500
$24,990
$16,000
$26,010
Answer explanation
The correct amount of sales from these transactions is $24,990, which is the result after applying the 2% discount to the original amount of $25,500.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
For Sullivan Company, the asset turnover increased from 1.25 to 1.50. This is an unfavorable change.
True
False
Answer explanation
The correct answer is False because an increase in asset turnover from 1.25 to 1.50 is actually a favorable change, indicating more efficient use of assets.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which term is applied to the excess of revenue from sales over the cost of merchandise sold?
net income
gross sales
income from operations
gross profit
Answer explanation
The term 'gross profit' is applied to the excess of revenue from sales over the cost of merchandise sold.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The inventory system employing accounting records that continuously disclose the amount of inventory is called
retail
perpetual
periodic
FIFO
Answer explanation
The inventory system employing accounting records that continuously disclose the amount of inventory is called perpetual.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following accounts has a normal debit balance?
Accounts Payable
Sales
Interest Revenue
Merchandise Inventory
Answer explanation
Merchandise Inventory has a normal debit balance, meaning an increase in this account is recorded as a debit entry.
7.
MATH RESPONSE QUESTION
2 mins • 1 pt
During the current year, merchandise is sold for $137,500 cash and $425,600 on account. The cost of the merchandise sold is $322,325. What is the amount of the gross profit?
Mathematical Equivalence
OFF
Answer explanation
$137,500 + $425,600 – $322,325 = $240,775
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