
Accounting II Chapter 4 Theory - Wild
Quiz
•
Other
•
12th Grade
•
Practice Problem
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Medium
Michael Cassidy
Used 2+ times
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12 questions
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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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