How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Bizhelp Your Own Question

Bizhelp
Bizhelp, CPA
Category: Homework
Satisfied Customers: 5800
Experience:  Bachelors Degree and CPA with Accounting work experience
23848519
Type Your Homework Question Here...
Bizhelp is online now
A new question is answered every 9 seconds

Accounting Test- Probably about 50 Questions. I will break

Resolved Question:

Accounting Test- Probably about 50 Questions. I will break it up into 5 Posts at 10 questions per post. Bonus at end for good grade. I am allowed 120 minutes for this test. All questions are multiple choice. Please let me know if you are interested and I will begin. Thanks!
Submitted: 2 years ago.
Category: Homework
Expert:  Bizhelp replied 2 years ago.
Hi,

I would like to help. Please go ahead and start when you are ready. You can use this link to my profile to post questions.

Also, if you wish to request me exclusively, please put 'For Bizhelp' at the beginning of each post.
Customer: replied 2 years ago.
1
Net income plus operating expenses is equal to
a. net sales
b. cost of merchandise available for sale
c. gross profit
d. cost of merchandise sold

2
Expenses that are incurred directly or entirely in connection with the sale of merchandise are classified as
a. selling expenses
b. administrative expenses
c. general expenses
d. other expenses

3
The form of income statement that derives its name from the fact that the total of all expenses is deducted from the total of all revenues is called a
a. report-form statement
b. single-step statement
c. multiple-step statement
d. revenue statement
Customer: replied 2 years ago.
4
The inventory system employing accounting records that continuously disclose the amount of inventory is called
a. perpetual
b. retail
c. periodic
d. physical

5
Using a perpetual inventory system, the entry to record the return from a customer of merchandise sold on account includes a
a. debit to Merchandise Inventory
b. debit to Cost of Merchandise Sold
c. credit to Sales Returns and Allowances
d. credit to Merchandise Inventory

6
Which of the following accounts has a normal credit balance?
a. Merchandise Inventory
b. Delivery Expense
c. Sales Returns and Allowances
d. Sales

7
Which of the following accounts usually has a debit balance?
a. Purchase Discounts
b. Allowance for Doubtful Accounts
c. Freight-In
d. Sales tax Payable

8
If title to merchandise purchases passes to the buyer when the goods are shipped from the seller, the terms are
a. FOB shipping point
b. FOB destination
c. consigned
d. n/30

9
Discounts taken by a buyer because of early payment are recorded on the seller's accounting records as
a. Sales discount
b. Early payment discount
c. Purchases discount
d. Trade discount

10
If title to merchandise purchases passes to the buyer when the goods are delivered to the buyer, the terms are
a. FOB destination
b. FOB shipping point
c. n/30
d. consigned
Expert:  Bizhelp replied 2 years ago.
THIS ANSWER IS LOCKED!
You can view this answer by clicking here to Register or Login and paying $3.
If you've already paid for this answer, simply Login.
Bizhelp, CPA
Category: Homework
Satisfied Customers: 5800
Experience: Bachelors Degree and CPA with Accounting work experience
Bizhelp and 8 other Homework Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
< Last | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther Woodstock, NY
  • Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know. Robin Elkton, Maryland
  • He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here. Diane Dallas, TX
 
 
 

Meet The Experts:

 
 
 
  • Manal Elkhoshkhany

    Tutor

    Satisfied Customers:

    4522
    More than 5000 online tutoring sessions.
< Last | Next >
  • http://ww2.justanswer.com/uploads/BU/BusinessTutor/2012-2-2_115741_Kouki2.64x64.jpg Manal Elkhoshkhany's Avatar

    Manal Elkhoshkhany

    Tutor

    Satisfied Customers:

    4522
    More than 5000 online tutoring sessions.
  • http://ww2.justanswer.com/uploads/ComputersGuru/2010-02-13_051118_Photo41.JPG LogicPro's Avatar

    LogicPro

    Engineer

    Satisfied Customers:

    3458
    Expert in Java C++ C C# VB Javascript Design SQL HTML
  • http://ww2.justanswer.com/uploads/LI/lindaus/2012-6-10_04811_IMG20120609164157.64x64.jpg Linda_us's Avatar

    Linda_us

    Finance, Accounts & Homework Tutor

    Satisfied Customers:

    3124
    Post Graduate Diploma in Management (MBA)
  • http://ww2.justanswer.com/uploads/chooser77/2009-08-18_162025_Chris.jpg Chris M.'s Avatar

    Chris M.

    M.S.W. Social Work

    Satisfied Customers:

    2385
    Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
  • http://ww2.justanswer.com/uploads/JawaadAhmed/2009-6-27_12137_SIs_SHadi.jpg F. Naz's Avatar

    F. Naz

    Chartered Accountant

    Satisfied Customers:

    1988
    Experience with chartered accountancy
  • http://ww2.justanswer.com/uploads/JK/jkcpa/2011-1-16_182614_jkcpa.64x64.jpg Bizhelp's Avatar

    Bizhelp

    CPA

    Satisfied Customers:

    1876
    Bachelors Degree and CPA with Accounting work experience
  • http://ww2.justanswer.com/uploads/avremote/photoa.jpg Seanna's Avatar

    Seanna

    Tutor

    Satisfied Customers:

    1781
    3,000+ satisfied customers, all topics, A+ work
 
 
 
Chat Now With A Tutor
Bizhelp
Bizhelp
Certified Public Accountant (CPA)
1878 Satisfied Customers
Bachelors Degree and CPA with Accounting work experience