Selling Expenses do not include: *O Freight in costs and Bad Debt expensesSales commissions and Freight out costsFreight out and depreciation expense on the delivery truckNone of the aboveContra revenue accounts:Increase the amount of sales revenueAre increed on the credit sideInclude Sales Discounts and Sales Returns and AllowancesNone of the aboveWhen a company stops the operations of one of its segments, this should be

Any expense incurred by the Company up to point of sale that facilitates sale of a product or…

Answered: Selling Expenses do not include:

Business

Accounting

Selling Expenses do not include:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: DOES NOT fall within the Profitability category

A: The Answer

Q: NRV is calculated as: Estimated selling price less estimated costs to complete and estimated costs…

A: IAS 2 ( Inventories ) mandates inventories to be valued at lower of cost or Net realizable value…

Q: Why Sales revenue does not include the residual value?

A: The residual value, also known as salvage value, is the estimated value of a fixed asset at the end…

Q: 1. When applying lower of cost or market, market value A. is defined as the selling price B.…

A: This Net realizable value(NRV) generally a common method used in valuation of an asset in inventory…

Q: EBITDA removes which of the following from the operating income number? a. Significant variable and…

A: Earnings Before Interest, Taxes, Depreciation, and Amortization is referred to as EBITDA. It is a…

Q: How should a non vat seller treat input vat paid on the purchases from vat supplier of inventories…

A: The major purpose of adopting VAT is to reduce the effects of multiple taxes and the cascading…

Q: hat account does a merchandiser use that a service company does not use?

A: Merchandiser deals in purchasing and selling products to customer whereas a service company deals…

Q: Borrowing costs a. None of these answers are correct. b. must only be included in inventory cost if…

A: Borrowing costs refer to the interest and other costs incurred by a company when it borrows funds to…

Q: Product costs are ordinarily found in the traditional Income Statement's Operating Expenses whereas…

A: Product costs are those costs which are incurred on specific products like material cost, labour…

Q: Which of the following is not permitted as a cost of inventory?

A: Which of the following is not permitted as a cost of inventory? Answer - b) Storage costs

Q: The cost flow method that often parallels the actual physical flow of merchandise is the OLIFO…

A: 1. LIFO method: LIFO assumes that the last items purchased are the first ones sold, which may not…

Q: A ____ will cause Cost of Goods Sold to decrease. A. Debit B. Credit

A: Cost of Goods Sold means Cost involved in making of goods or providing services. Direct Material,…

Q: Which one of the following is not a disadvantage of the specific identification method of inventory…

A: Under specific identification methods of inventory, specific inventory movement is measured. So it…

Q: The major revenue of a merchandiser is ________ while the major expense(s) is (are) ________.

A: Merchandiser and Service Provider - There are two types of company that deals with the different…

Q: Gross income derived from business shall be equivalent to gross sales less sales returns, discount…

A: Sales return: when the sold item being returned by the customer to the seller. It is known as sales…

Q: The cost of PPE includes which of the following : Its invoice price, less any cash discount for…

A: The cost of PPE includes all those expenses which are incurred directly on the PPE for making that…

Q: Freight costs paid by a seller on merchandise sold to customers will cause an increase to a…

A: In operating expenses for the seller. Explanation:In operating expenses for the seller.When a seller…

Q: ferent between Informal and formal cost of sales

A: Step 1 The cost of sales is the amount of all expenses incurred in the production of a product or…

Q: Value added tax i

A: It is pertinent to value-added tax is calculated on the value addition made at each point in a…

Q: Why do you add transportation in and do not deduct delivery expense when determining the cost of…

A: For a buyer, the cost of merchandise purchased is considered as a net cost incurred to buy the…

Q: Which of these expressions is correct? a. Gross profit less expenses = profit. b. Sales less cost of…

A: Gross Profit is the operating profit

Q: How do the components of revenues and expenses differ between merchandising and service companies?…

A: Based on your given data, there is no given drop down but here is the general information about the…

Q: he cost of inventory owned by a company is considered a: none of the costs noted, opportunity…

A: Cost of inventory.Cost of inventory means the cost incurred for purchasing the inventory, warehouse…

Q: For purposes of computing the MCIT, which will not form part of cost of goods sold for traders:…

A: MCIT is minimum corporate income tax, which is being payable by the domestic companies. The rate…

Q: tion of goods may be taxed based on? A.Gross Se

A: Importation of goods refers to the process when an entity brings back some goods from another…

Q: In large companies, the independent internal verification procedure is often assigned to O internal…

A: Professionals that work for an organisation to analyse and appraise its overall governance, risk…

Q: What is the preferred order of reconciliation? cost, sales, income O income, cost, sales sales,…

A: Income is defines as total costs of the project deducted from total sales from the project.

Q: em. b. the amount of money paid for an item,

A: Opportunity costs are the potential gains that an individual, investor, or corporation foregoes by…

Q: Explain the drawing 21% Financails 50% Sales Expenes

A: Pie chart refers to the diagram which comprises of the circle and it is divided into the parts in…

Q: hich of the following would not be considered as a component of the "cost" of stock? a. Salaries of…

A: Inventoriable cost means the cost incurred to manufacture the product and included in inventory.…

Q: What is a short sale and provide me with a example of a short sale

A: Financial markets are marketplaces where financial securities and assets are bought and sold, i.e.,…

Q: Who is an unpaid seller? Give an example using a situation/scenario.

A: A seller is someone who offers goods or services to the customers. Seller sells its goods or…

Q: What type of expenses are deducted as a part of gross profit? A)"Cost of goods sold" only…

A: Gross profit can be calculated by deducting cost of goods sold from the net sales.

Q: Which of the following is not a characteristic of FOB Destination?A. The seller pays for shipping.B.…

A: FOB (Freight on Board) Destination seems to be a shipping terminology that signifies the seller…

Q: there no profit sharing ratio for the net income distribution board?

A: Partnership is a aggreement between two or more persons to operate a business in consideration of…

Question

Selling Expenses do not include: *
O Freight in costs and Bad Debt expenses
Sales commissions and Freight out costs
Freight out and depreciation expense on the delivery truck
None of the above
Contra revenue accounts:
Increase the amount of sales revenue
Are incre
ed on the credit side
Include Sales Discounts and Sales Returns and Allowances
None of the above
When a company stops the operations of one of its segments, this should be

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

sales commissions are regarded as a product costs true false
The transfer price is a revenue to sales devision and cost to the buying devision. Say true or False why?
Please explain
Sales of goods are taxed based on? A. Gross Selling price B. Gross Receipt C. Landed Cost D. Answer is not given.
An income statement should not list unexpected but customary expenses. Select one: a. Non recurring expenses b. Recurring expenses c. Non-recurring income d. Recurring income
Selling expenses DOES NOT include: A. Advertising expense B. Making sales C. Accounting and Human Resources expense D. Delivering goods to customers
Gross profit is: The amount left over after cost of goods sold is subtracted from net sales. A.Net sales less operating expenses. B.Sales less sales discount. C.less sales discounts. D.Net sales less selling expenses
Which is wrong? The term creditable input VAT means input VAT deductible from output VAT. Input VAT on personal consumption are creditable against output VAT. Only input VAT for purchase of goods or services in the course of business is creditable. Input VAT needs to be evidenced by a VAT invoice or VAT official receipt to be creditable.
Which of the following expressions is incorrect? Gross profit - operating expenses = net income Net income + operating expenses = gross profit ● Sales revenue - cost of goods sold - operating expenses = net income ● Operating expenses - cost of goods sold = gross profit
What is the most common constraint faced by merchandisers?