Merchandising Business

It generates income from buying and selling of merchandise.

• Merchantdising business

• Merchandising Bussiness

• Merchandising Business

• Buy and Sell Business

A method of inventory keeping where it is characterized by the use of stock card.

• Periodic Inventory

• Perpetual Inventory

• Calendar Inventory

• Merchandise Inventory

Which of the following does not belong to the group?

• cash discounts

• sales discounts

• purchase discounts

• trade discounts

Which of the following does not belong to the group?

• Merchandise Inventory, end

• Merchandise Inventory, Beg

• Freight-In

• Purchase Return and Allowances

The following belongs to a one group, except

• Sales

• Purchases

• Sales Discount

• Freight-Out

Which of the following is not considered an account title under periodic inventory system?

• cost of sales

• purchases

• freight-out

• sales discount

When output VAT is lesser than the input VAT there is

• VAT Payable

• VAT Liability

• VAT Credits

• Prepaid Tax

Ending Inventory is ________ from cost of goods available for sale.

Which of the following items can lead to a difference between values of profit and gross profit?

• sales return

• purchase return

• transportation-in

• transportation-out

Under the periodic inventory system, cost of goods sold is treated as an account.

• TRUE

• FALSE

• IT DEPENDS

• NONE OF THE ABOVE