WorksheetsMerchandising Business
Total questions: 20
Worksheet time: 6mins
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 (a) 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
JB began the period with P200,000 in inventory. The entity purchased an additional P200,000 of inventory and returned P20,000 for a full credit. A physical count of the inventory at year-end revealed an inventory on hand of P160,000. What was the cost of goods sold for the period?
160,000
220,000
480,000
500,000
The excess of net sales over the cost of goods sold is called
gross profit
merchandising income
operating profit
marginal income
TRUE OR FASLE: A physical inventory is usually taken at the end of the accounting period.
(a)
Debit: Transportation In
Credit: Accounts Payable
What is the debit when perpetual inventory system is used?
Cash
Accounts Receivable
Freight-In
Inventory
Debit: Cost of Sales
Credit: Merchandise Inventory
Which of the following is not true?
Stock card amount is lower than physical count
Inventory Breakage
Inventory Shortage
Stock card amount is greater than actual inventory
Value- Added tax on sales return
Input VAT
Output VAT
VAT Payable
Prepaid VAT
Which of the following is a characteristic of the perpetual inventory system?
Inventory is updated continuously
Inventory is updated at the end of the period
Cost of goods sold is calculated at year-end
Only physical counts are used
What is the primary purpose of a stock card in inventory management?
To track sales discounts
To record inventory purchases and sales
To calculate gross profit
To manage accounts payable
Which of the following accounts is typically not included in the calculation of cost of goods sold?
Sales Discounts
Sales Returns
Freight-In
Purchases
Which of the following accounts is typically included in the calculation of net sales?
Freight-Out
Cost of Goods Sold
Sales Returns
Inventory
