
ACCT 101 Chapter 4
Authored by A Smith
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10 questions
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1.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
A company had net sales of $350,000 and cost of goods sold of $200,000. Its gross profit equals $150,000.
Yes
No
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Cost of goods sold:
Is another term for merchandise sales.
Is the term used for the expense of buying and preparing merchandise for sale.
Is another term for revenue.
Is also called gross margin.
Is a term only used by service firms.
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Beginning inventory plus net purchases is:
Cost of goods sold.
Merchandise available for sale.
Ending Inventory.
Sales.
Shown on the balance sheet.
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
The credit terms 2/10, n/30 are interpreted as:
2% cash discount if the amount is paid within 10 days, or the full balance due in 30 days.
10% cash discount if the amount is paid within 2 days, or the full balance due in 30 days.
30% discount if paid within 2 days.
30% discount if paid within 10 days.
2% discount if paid within 30 days.
5.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. On July 28, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 28 is:
Debit Merchandise Inventory $1,600; credit Cash $1,600.
Debit Cash $1,600; credit Accounts Payable $1,600.
Debit Accounts Payable $1,600; credit Merchandise Inventory $32; credit Cash $1,568.
Debit Accounts Payable $1,800; credit Cash $1,800.
Debit Accounts Payable $1,600; credit Cash $1,600.
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
A buyer of $7,000 in merchandise inventory failed to take advantage of the vendor's credit terms of 2/15, n/45, and instead paid the invoice in full at the end of 45 days. By not taking advantage of the cash discount, the buyer lost the discount of:
70
1050
700
100
140
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Sales less sales discounts, less sales returns and allowances equals:
Net purchases
Cost of goods sold
Net Sales
Gross profit
Net Income
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