21. A company, having different sales prices for the same item, has implemented: Price gouging Multiple price levels Varied pricing Percentage of cost pricing

Question 22. 22. If merchandise is damaged by an employee, it will require a:

Sales invoice Sales order Inventory adjustment Credit memo

Question 23. 23. The inventory method that yields the lowest amount of net income in periods of rising cost is called the:

FIFO Average LIFO Double-declining balance

Question 24. 24. The amount of time spent by an employee or a vendor is recorded on:

Clock cards In-and-out cards Time tickets Employees' earnings records

Question 25. 25. The Inventory Profitability Report shows which of the following:

Gross profit percentage Reorder amount Net income Net loss

Question 26. 26. All goods owned by the business and held for sale are called:

Quantities Assets Liabilities Merchandise inventory

Question 27. 27. A list showing the amount due to each supplier as of the specified date is known as the:

Schedule of accounts receivable Trail balance Balance sheet Aged Payables

Question 28. 28. Accountants recommend that you use FIFO when you desire to:

Charge the most recent inventory costs against revenue Charge costs against revenue in the order in which costs are incurred Get the lowest net income Get the highest net income

Question 29. 29. On the Navigation Bar, what would you select to display the Inventory Item Defaults window?

Maintain; Setup Checklist Inventory & Services Navigation Center, click on the Inventory Items icon and select Set Up Inventory Defaults Inventory & Services Navigation Center, click on the Inventory Items icon and select New Inventory Item Inventory & Services Navigation Center, click on the Company Services icon and select Set Up Company Service Defaults

Question 30. 30. The report used to show cash receipts is called the:

Cash receipts journal Sales journal Cash payments journal General journal