Final Examination - RVA

Final Examination - RVA

University

60 Qs

quiz-placeholder

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Final Examination - RVA

Final Examination - RVA

Assessment

Quiz

Business

University

Practice Problem

Medium

Created by

Leana Rabaja

Used 5+ times

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60 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Merchandising business is the same as the service business.

True

False

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Merchandising companies earn income by buying and selling products or merchandise.

True

False

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When this merchandise is sold, the revenue is reported as fees earned, and its cost is recognized as an expense called the cost of merchandise/goods sold.

True

False

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The operating cycle begins with receiving cash from customers, and it ends with spending for the business.

True

False

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A merchandising business must first purchase the merchandise for sale.

True

False

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following accounts is used in merchandising but not in service?

Depreciation expense

Allowance for bad debts

Sales return and allowances

Freight-out

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is equal to gross profit plus the cost of sale?

Beginning inventory

Goods available for sale

Ending inventory

Sale

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