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    MCQs Chapter 5

    Uploaded by

    Gia Lâm

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    MCQs Chapter 5

    Uploaded by

    Gia Lâm
    16 views3 pages

    Original Title

    1. MCQs Chapter 5

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

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    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    16 views3 pages

    MCQs Chapter 5

    Uploaded by

    Gia Lâm

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    18:55 27/02/2023 3.

    Chapter 5 Practice MCQs (all fill-in blank concept check and numberical questions)

    3. Chapter 5 Practice MCQs (all fill-in


    blank concept check and numberical
    questions)
    Concept check: Ghi thường câu trả lời hết, không ghi HOA, các bạn chỉ cần trả lời đúng ý r
    tham khảo kết quả, điểm hiện lên chưa chắc đúng nhe

    Numberical questions: Làm tròn đến 2 chữ số nếu có, không ghi đơn vị vào câu trả lời

    21000906@student.isb.edu.vn (not shared) Switch accounts

    *Required

    Two categories of expenses for merchandising companies are 1 point

    Your answer

    An enterprise which sells goods to customers is known as a * 1 point

    Your answer

    Sales revenue less cost of goods sold is called 1 point

    Your answer

    After gross profit of a merchandising company is calculated, operating 1 point

    expenses are deducted to determine

    Your answer

    https://docs.google.com/forms/d/e/1FAIpQLScXJSZT1qYhHX3hrR2VbeZJN0kbIfXacCCG77bmApzyYODI3w/viewform 1/5
    18:55 27/02/2023 3. Chapter 5 Practice MCQs (all fill-in blank concept check and numberical questions)

    In a perpetual inventory system, cost of goods sold is recorded 1 point

    Your answer

    Stine Company purchased merchandise with an invoice price of $2,000 and 1 point

    credit terms of 2/10, n/30. Assuming a 360 day year, the implied annual
    interest rate inherent in the credit terms is ....... %

    Your answer

    Zach’s Market recorded the following events involving a recent purchase of 1 point

    merchandise: (1) Received goods for $50,000, terms 2/10, n/30. (2)
    Returned $1,000 of the shipment for credit. (3) Paid $250 freight on the
    shipment. (4) Paid the invoice within the discount period. As a result of these
    events, the company’s merchandise inventory will increase ..... $

    Your answer

    The entry to record the receipt of payment within the discount period on a 1 point

    sale of $750 with terms of 2/10, n/30 will include a credit to ........ for ........ $

    Your answer

    Company X sells $400 of merchandise on account to Company Y with credit 1 point


    terms of 2/10, n/30. If Company Y remits a check taking advantage of the
    discount offered, the amount of Company Y's check will be ..... $

    Your answer

    https://docs.google.com/forms/d/e/1FAIpQLScXJSZT1qYhHX3hrR2VbeZJN0kbIfXacCCG77bmApzyYODI3w/viewform 2/5
    18:55 27/02/2023 3. Chapter 5 Practice MCQs (all fill-in blank concept check and numberical questions)

    Holt Company sells merchandise on account for $2,000 to Jones Company 1 point

    with credit terms of 2/10, n/30. Jones Company returns $400 of


    merchandise that was damaged, along with a check to settle the account
    within the discount period. The amount of the check is ..... $

    Your answer

    Thelman Company reported the following balances at June 30, 2008: Sales 1 point

    $10,800; Sales Returns and Allowances $400; Sales Discounts $200; Cost of
    Goods Sold $5,000. Net sales for the month is ...... $

    Your answer

    Baden Shoe Store has a beginning merchandise inventory of $30,000. During 1 point

    the period, purchases were $140,000; purchase returns, $4,000; and freight-in
    $10,000. A physical count of inventory at the end of the period revealed that
    $20,000 was still on hand. The cost of goods available for sale was ........... $

    Your answer

    The respective normal account balances of Purchases, Purchase Discounts, 1 point

    and Freightin are

    Your answer

    At the beginning of the year, Midtown Athletic had an inventory of $400,000. 1 point

    During the year, the company purchased goods costing $1,600,000. If


    Midtown Athletic reported ending inventory of $600,000 and sales of
    $2,000,000, the company’s cost of goods sold must be ........ $

    Your answer

    https://docs.google.com/forms/d/e/1FAIpQLScXJSZT1qYhHX3hrR2VbeZJN0kbIfXacCCG77bmApzyYODI3w/viewform 3/5

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