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Directions: Read the given sentences carefully. Select the best answer from the choices given below. Write your answer on the space provided before each item. Gains Purchases Sales Income Gross Profit Sales Discount Selling expenses Professional Fee Net Income Operating expenses Sales return Cost of Goods Sold Service Income 1. An example of service revenue.

Directions: Read the given sentences carefully. Select the best answer from the choices given below. Write your answer on the space provided before each item. Gains Purchases Sales Income Gross Profit Sales Discount Selling expenses Professional Fee Net Income Operating expenses Sales return Cost of Goods Sold Service Income 1. An example of service revenue.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Directions: Read the given sentences carefully. Select the best answer from the choices given below. Write your answer on the space provided before each item. Gains Purchases Sales Income Gross Profit Sales Discount Selling expenses Professional Fee Net Income Operating expenses Sales return Cost of Goods Sold Service Income 1. An example of service revenue. 2. The revenue generated from the sale of products. 3. It is computed by deducting the cost of sales from net sales. 4. It is used to describe revenue derived from the rendering of services. 5. A type of income derived from the other activities of the business. 6. The account used to report the acquisitions of merchandise for sale. 7. It represents the actual cost of inventories that the company was able to sell. 8. These are expenses that are directly related to the main purpose of a merchandising business 9. A contra-sales account that is used to report the amount of discount given to or taken by the customers. 10. It refers to all other expenses related to the operation of the business such as salary of employees, utility expense and supplies expense.
Directions: Read the given sentences carefully. Select the best answer from the choices given below. Write your answer on the space provided before each item. (1 point each) Gains Gross Profit Sales Discount Selling expenses Net Income Sales return Service Income Professional Fee Purchases Sales Income Operating expenses Cost of Goods Sold 1. An example of service revenue. 2. The revenue generated from the sale of products. 3. It is computed by deducting the cost of sales from net sales. 4. It is used to describe revenue derived from the rendering of services. 5. A type of income derived from the other activities of the business. 6. The account used to report the acquisitions of merchandise for sale.bo1oc 7. It represents the actual cost of inventories that the company was able to sell. 8. These are expenses that are directly related to the main purpose of a merchandising business. boin 9. A contra-sales account that is used to report the amount of discount given to or taken by the customers. 10. It refers to all other expenses related to the operation of the business such as salary of employees, utility expense and supplies expense. gninas
Transcribed Image Text:Directions: Read the given sentences carefully. Select the best answer from the choices given below. Write your answer on the space provided before each item. (1 point each) Gains Gross Profit Sales Discount Selling expenses Net Income Sales return Service Income Professional Fee Purchases Sales Income Operating expenses Cost of Goods Sold 1. An example of service revenue. 2. The revenue generated from the sale of products. 3. It is computed by deducting the cost of sales from net sales. 4. It is used to describe revenue derived from the rendering of services. 5. A type of income derived from the other activities of the business. 6. The account used to report the acquisitions of merchandise for sale.bo1oc 7. It represents the actual cost of inventories that the company was able to sell. 8. These are expenses that are directly related to the main purpose of a merchandising business. boin 9. A contra-sales account that is used to report the amount of discount given to or taken by the customers. 10. It refers to all other expenses related to the operation of the business such as salary of employees, utility expense and supplies expense. gninas
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