
BUAD 111 - Chapter 5
Authored by Ann-Marie Cederholm
Business
Professional Development
Used 2+ times

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5 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following statements is correct?
A service company does not have a Cost of Goods Sold account because it does not sell goods.
A service company does have a Cost of Goods Sold account because it sells a service.
A merchandising company does not have a Cost of Goods Sold account because it does not sell goods.
A merchandising company does not have a Cost of Goods Sold account because it only sells a service.
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Sackville Company purchased merchandise from Amherst Company with freight terms of FOB shipping point. The freight costs will be paid by
Amherst Company.
Sackville Company.
the transportation company.
Amherst and Sackville, who will share the freight costs.
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Using a perpetual inventory system, the cost of freight in
increases the cost of merchandise inventory.
is always paid by the seller.
is reflected in an expense account called Freight In.
reflects the cost of delivering goods to customers.
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Selling terms 2/10, n/30 indicates which of the following?
The purchaser is required to pay the entire bill within 10 days.
The purchaser can take a 20% discount if they pay within 30 days.
The purchaser can take a 2% discount if they pay within 10 days.
The purchaser can take a 2% discount if they pay within 30 days.
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
The Sales Returns and Allowances account is classified as
an asset account.
a contra asset account.
an expense account.
a contra revenue account.
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