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WorksheetsAccounting Principles I - Meeting 3
Total questions: 10
Worksheet time: 11mins
Which one is the correct perpetual system for recording sales?
PW sold merchandise to Sauk on account $3,500 with the cost of goods sold $1,500. Which one is the correct answer for the sales recording for periodic system?
Sales discount is offered to customers to (a) of balance due
Free on Board Shipping Point
Ownership of goods passes to buyer when public carrier accepts group from seller
Ownership of goods remains with seller until the goods reach buyer
What kind of cost flow assumptions?
Last In, First Out (LIFO)
Average Cost
First In, First Out (FIFO)
Cost of Goods Sold equation
COGS = Beginning Inventory - Cost of Goods Purchased - Ending Goods
COGS = Beginning Inventory + Cost Of Goods Purchased - Ending Goods
COGS = Liabilities + Owner's Equity
COGS = Beginning Inventory - Cost of Goods Purchased + Ending Goods
Cost of goods sold = $30,000
Beginning Inventory = $20,000
Ending Inventory = $12,000
Cost of goods purchased = ?
NB: Remember to use (,) as the thousand separator
(a)
What is this type of cost flow assumptions?
(a)
If Sauk Stereo (the buyer) pays Public Carrier Co. $150
for freight charges on May 6, the entry on Sauk Stereo’s books is.
If the freight terms on the invoice in the question before had required
PW Audio Supply (the seller) to pay the freight charges, the entry
by PW Audio Supply would be:
