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1.Inventory held by a business is a(n) _______ and when sold becomes a(n) _______ (Points : 1)

liability, withdrawal asset, expense liability, asset asset, contra asset

Question 2.2.A ________ inventory system keeps continuous records of inventory on hand and cost of goods sold. (Points : 1)

merchandising periodic perpetual service

Question 3.3.Which of the following accounts should be closed to income summary? (Points : 1)

beginning inventory sales returns and allowances owner withdrawals ending inventory

Question 4.4.A retailer that uses a bar code system to track inventory most likely uses ________. (Points : 1)

a merchandising inventory system a periodic inventory system a perpetual inventory system this cannot be determined from the information provided

Question 5.5.The inventory account shows an ending balance of $20,800. An actual count of inventory reveals $21,200 of inventory on hand. The adjusting entry involves_______. (Points : 1)

credit to inventory for $20,500 credit to cost of goods sold for $20,100 debit to cost of goods sold for $400 debit to inventory for $400

Question 6.6.The inventory account shows an ending balance of $20,500. An actual count of inventory reveals $20,100 of inventory on hand. The adjusting entry involves_______. (Points : 1)

debit to inventory for $400 credit to cost of goods sold for $20,100 debit to cost of goods sold for $400 credit to inventory for $20,500

Question 7.7.The entry to record the return of $25 of inventory to a supplier under the perpetual inventory system is recorded with a debit to_______. (Points : 1)

accounts payable and a credit to purchase discounts purchase returns and allowances and a credit to accounts payable accounts payable and a credit to inventory inventory and a credit to accounts payable

Question 8.8.Under a perpetual inventory system, which accounts would be closed to income summary with credits? (Points : 1)

sales discounts, sales returns and allowances and cost of goods sold sales returns and allowances, sales revenue and inventory sales revenue and cost of goods sold sales discounts and sales revenue

Question 9.9.Marco Co. has the following account balances at year-end:

	Debit	Credit
Sales Revenue		65,000
Sales Discounts	1,500
Sales Returns and Allowances	1,000
Cost of Goods Sold	23,000
Rent Expense	9,600
Wages Expense	15,000
Utilities Expense	2,500
Depreciation Expense	4,000
Dividends	6,000

After revenues and expenses are closed to income summary, the income summary account should have a ________ balance. (Points : 1)

$8,400 credit $8,400 debit $2,400 credit $2,400 debit

Question 10.10.Revenue that is outside the main operations of a business, such as gain on the sale of plant assets, is referred to as ________. (Points : 1)

owners equity gross profit other revenue net sales revenue

Question 11.11.Weatherby Company had sales of $180,000, sales returns and allowances of $12,000, and sales discounts of $3,500. They reported cost of goods sold of $85,000 and $32,000 in operating expenses. What was Weatherby Companys gross profit? (Points : 1)

$47,500 $59,500 $79,500 $83,000

Question 12.12.Which of the following is the result of gross profit divided by net sales? (Points : 1)

Current ratio Gross profit percentage Debt ratio Rate of inventory turnover

Question 13.13.Robins Corps inventory turnover went from 2.0 in 20X1 to 1.8 in 20X2. This means that Robins Corp ________. (Points : 1)

was more profitable in 20X2 was less profitable in 20X2 moved inventory more rapidly in 20X2 moved inventory less rapidly in 20X2

Question 14.14.An income statement that contains subtotals to highlight significant relationships. In addition to net income, it reports gross profit and operating income. (Points : 1)

Singe-step income statement Multi-step income statement Subtotal income statement Trial income statement

Question 15.15.Which of the following processes/concepts doesNOTapply under both international financial reporting standards and accounting standards for private enterprises? (Points : 1)

matching of revenues and expenses periodic inventory system perpetual inventory system use of LIFO as an inventory method