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sheet the letter of the correct ar 1. Which of the following account does not belong in the group? a. Sales Discount b. Purchases c. Sales Returns and Allowances d. Freight Out It shows only tu

sheet the letter of the correct ar 1. Which of the following account does not belong in the group? a. Sales Discount b. Purchases c. Sales Returns and Allowances d. Freight Out It shows only tu

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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pplies Expense will increase net profit 2-Office Supplies Expenses is shown part of distr . Statement 1-Salaries payable is a type of expense. Statement 2-Owner's withdrawals are classified as an expense. SCI. 3. Statement 1- Sales is a revenue account. Statement 2- Sales is increased by the Sales Discount. 4. Statement 1- The difference between net sales and gross profit is the cost of goods sol Statement 2 The cost of goods sold is determined by subtracting from the merchand inventory beginning, the amount of the merchandise inventory end. 5. Statement 1 - The ending inventory of one period is the beginning inventory of tie period. Statement 2 - The balance in the merchandise inventory account at the beginning OL period represents the total cost of the merchandise on hand at that time. Multiple Choice. Write on the answer sheet the letter of the correct answer. 1. Which of the following account does not belong in the group? a. Sales Discount b. Purchases c. Sales Returns and Allowances d. Freight Out 2. It shows only two sections of the SCI, the total revenue, and the total expense. a. Multiple-step SCI b. Single-Step SCI c. Report Form of the SCI d. Account Form of the SCI 3. Gross Profit is computed as a. Gross Sales less Operating Expenses b. Net Sales less Operating Expenses c. Net Sales less Cost of Sales d. Net Sales plus Cost of Sales 4. Which of the following does not belong in the group that presents the Expensest Multiple-Step SCI? a. Cost of Sales b. Distribution Cost C. Finance Costs d. Other Expenses 5. A business can generate income in so many ways as listed below, EXCEPT: a. Sale of Goods b. Sale of Services c. Sale of Property of the business d. Sale of Property of the owner FUNDAMENTALS OF A SU DOLLY VINLUAN-ABASTA, CPA, MBA MICHAEL JULIAN C. SORNES, LPT AUTHORS
Transcribed Image Text:pplies Expense will increase net profit 2-Office Supplies Expenses is shown part of distr . Statement 1-Salaries payable is a type of expense. Statement 2-Owner's withdrawals are classified as an expense. SCI. 3. Statement 1- Sales is a revenue account. Statement 2- Sales is increased by the Sales Discount. 4. Statement 1- The difference between net sales and gross profit is the cost of goods sol Statement 2 The cost of goods sold is determined by subtracting from the merchand inventory beginning, the amount of the merchandise inventory end. 5. Statement 1 - The ending inventory of one period is the beginning inventory of tie period. Statement 2 - The balance in the merchandise inventory account at the beginning OL period represents the total cost of the merchandise on hand at that time. Multiple Choice. Write on the answer sheet the letter of the correct answer. 1. Which of the following account does not belong in the group? a. Sales Discount b. Purchases c. Sales Returns and Allowances d. Freight Out 2. It shows only two sections of the SCI, the total revenue, and the total expense. a. Multiple-step SCI b. Single-Step SCI c. Report Form of the SCI d. Account Form of the SCI 3. Gross Profit is computed as a. Gross Sales less Operating Expenses b. Net Sales less Operating Expenses c. Net Sales less Cost of Sales d. Net Sales plus Cost of Sales 4. Which of the following does not belong in the group that presents the Expensest Multiple-Step SCI? a. Cost of Sales b. Distribution Cost C. Finance Costs d. Other Expenses 5. A business can generate income in so many ways as listed below, EXCEPT: a. Sale of Goods b. Sale of Services c. Sale of Property of the business d. Sale of Property of the owner FUNDAMENTALS OF A SU DOLLY VINLUAN-ABASTA, CPA, MBA MICHAEL JULIAN C. SORNES, LPT AUTHORS
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