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Bizhelp, CPA
Category: Homework
Satisfied Customers: 5883
Experience:  Bachelors Degree and CPA with Accounting work experience
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Accounting Test- Probably about 50 Questions. I will break

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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!

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.

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Customer: replied 4 years ago.
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

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

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 4 years ago.
The inventory system employing accounting records that continuously disclose the amount of inventory is called
a. perpetual
b. retail
c. periodic
d. physical

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

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

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

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

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

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

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