Financial Control of the Organization.d

Financial Control of the Organization.d — вариант 6

Просмотрите все вопросы и варианты бесплатно. Правильные ответы скрыты и открываются только после получения доступа.

12 вопросов Вариант 6 Доступ 7 дней

Содержание теста

Вопросы и варианты

Без отметок и подсказок к правильным ответам

Вопрос 1

The largest expense on the income statement for most merchandising companies is:

administrative expenses.
selling expenses.
cost of goods sold.
other expenses.

Вопрос 2

In a merchandising company’s income statement, which of the following would NOT be included in the Cost of Goods Sold calculation?

Shipping costs from the manufacturer to the merchandiser
Sales commissions
Returns of inventory purchases
Sales taxes on inventory purchases, as shown on the invoices

Вопрос 3

In a merchandising business, gross profit is equal to sales revenue minus:

cost of goods sold, operating expenses and prepaid expenses combined.
cost of goods sold and operating expenses combined.
cost of goods sold only.
cost of goods sold and sales commissions combined.

Вопрос 4

Two accounts that would appear on the financial statements of a merchandising company that are not needed by a service company are:

cost of goods sold and depreciation.
cost of goods sold and net income.
cost of goods sold and inventory.
inventory and depreciation.

Вопрос 5

Sales revenue is based on the _ price of the inventory, while cost of goods sold is based on the __ of the inventory.

cost, sales
cost, cost
sales, sales
sales, cost

Вопрос 6

The inventory system that uses computer software to keep a running record of inventory on hand is the:

cost of goods sold inventory system.
periodic inventory system.
perpetual inventory system.
hybrid inventory system.

Вопрос 7

A perpetual inventory system offers which of the following advantages?

Inventory balances have to be counted to be accurate.
This system is used for inexpensive goods.
This system is more expensive than a periodic system.
This system helps to determine if there is a sufficient supply of inventory on hand to fill customer orders, just by reviewing the inventory records.

Вопрос 8

Under a perpetual inventory system, when a sale is made:

the company makes a journal entry to record the sale only.
the company makes a journal entry to record only the cost of goods sold.
the company makes a journal entry to record the sale and the cost of goods sold.
no journal entry needs to be made.

Вопрос 9

How do purchase returns and allowances and purchase discounts affect net purchases?

Both are added to purchases.
Both are subtracted from purchases.
Purchase returns and allowances are added to purchases; purchase discounts are subtracted from purchases.
Purchase returns and allowances are subtracted from purchases; purchase discounts are added to purchases.

Вопрос 10

What is the formula used to calculate net purchases?

Purchases less Purchase Returns and Allowances plus Purchase Discounts less freight-in
Purchases plus Purchase Returns and Allowances less Purchase Discounts plus freight-in
Purchases less Purchase Returns and Allowances less Purchase Discounts plus freight-in
Beginning Inventory less Purchases

Вопрос 11

Unlike the periodic inventory system, the perpetual inventory system:

does not require a physical count of the ending inventory.
includes only the inventory purchased for cash.
provides a continuous record of inventory on hand.
is not required by GAAP.

Вопрос 12

Accounting information is subject to the constraints of:

balance between qualitative characteristics, comparability and consistency.
balance between qualitative characteristics, reliability and relevance.
timeliness, benefits versus cost and balance between qualitative characteristics.
timeliness, benefit versus cost, relevance and reliability.