Accounting II Chapter 4 Theory - Wild

Accounting II Chapter 4 Theory - Wild

12th Grade

12 Qs

quiz-placeholder

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Accounting II Chapter 4 Theory - Wild

Accounting II Chapter 4 Theory - Wild

Assessment

Quiz

Other

12th Grade

Medium

Created by

Michael Cassidy

Used 2+ times

FREE Resource

12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Last step in operating cycle for a merchandising business.

inventory for sale

credit sales

cash collection

cash pourchase of merchandise

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who pays transportation costs in FOB shipping scenario?

buyer

seller

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1/10 n/30. How much is the discount and how may days is the discount available?

10% discount - 10 days

1% discount - 30 days

no discount available

1% discount - 10 days

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Compute gross margin ratio. Net sales $1000 and cost of goods sold $350.

35%

65%

$650

$1350

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sales is $200,000. Sales Discounts $10,000 and Sales Returns and Allowances $5000. Cost of Goods Sold is $80,000. How much is Net Sales?

$200,000

$120,000

$190,000

$185,000

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sales is $200,000. Sales Discounts $10,000 and Sales Returns and Allowances $5000. Cost of Goods Sold is $80,000. How much is the gross profit?

$105,000

$295,000

52.5%

56.8%

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

First step in operating cycle for a merchandising business.

credit sales

cash purchase of merchandise

cash collection

inventory for sale

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