Generally, the revenue account for a merchandising business is entitled a. Sales b. Net Sales c. Gross
Question:
Generally, the revenue account for a merchandising business is entitled
a. | Sales |
b. | Net Sales |
c. | Gross Sales |
d. | Gross Profit |
What is the term applied to the excess of net revenue from sales over the cost of merchandise sold?
a. | gross profit |
b. | income from operations |
c. | net income |
d. | gross sales |
Expenses that are incurred directly or entirely in connection with the sale of merchandise are classified as
a. | selling expenses |
b. | general expenses |
c. | other expenses |
d. | administrative expenses |
Office salaries, depreciation of office equipment, and office supplies are examples of what type of expense?
a. | selling expense |
b. | miscellaneous expense |
c. | administrative expense |
d. | other expense |
The inventory system employing accounting records that continuously disclose the amount of inventory is called
a. | retail |
b. | periodic |
c. | physical |
d. | perpetual |
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill