BUAD 111 - Chapter 5

BUAD 111 - Chapter 5

Professional Development

5 Qs

quiz-placeholder

Similar activities

Introducing Business Ethics

Introducing Business Ethics

University - Professional Development

10 Qs

Unit 1: Collate Training Nomination (TAN) Part Two

Unit 1: Collate Training Nomination (TAN) Part Two

Professional Development

10 Qs

Intro to TMWin

Intro to TMWin

Professional Development

10 Qs

Kuis Industri Makanan & Minuman

Kuis Industri Makanan & Minuman

Professional Development

10 Qs

BAB Test - July 2023

BAB Test - July 2023

Professional Development

10 Qs

Business English Phrases

Business English Phrases

University - Professional Development

10 Qs

February Sprint Release

February Sprint Release

Professional Development

9 Qs

Office Orientation

Office Orientation

9th Grade - Professional Development

10 Qs

BUAD 111 - Chapter 5

BUAD 111 - Chapter 5

Assessment

Quiz

Business

Professional Development

Practice Problem

Hard

Created by

Ann-Marie Cederholm

Used 2+ times

FREE Resource

AI

Enhance your content in a minute

Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...

5 questions

Show all answers

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.