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BAF3M - Chapter 5 Pt2 Flashcards | StudBud

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BAF3M - Chapter 5 Pt2

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Grade 11 Accounting (BAF3M) - Inventory #inventory #accounting #baf3m #grade11accounting

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Questions 13

Answers

1
Which of the following is not a contra account?
Inventory
Returns/Allowances
Sales Discounts
Accum. Depreciation
2
COGS =
Beg Inv + Purch + End Inv
Beg Inv - Purch - End Inv
Beg Inv + Purch - End Inv
Beg Inv - Purch + End Inv
3
Shrinkage is when there is
All of the above
Deterioration of Inventory
Broken Inventory
Theft
4
Which inventory system do we study in this course?
Platnoic
Perpetual
Plausible
Periodic
5
Which of the following is NOT a temporary account?
Sales Discount
Rent Expense
COGS
Cash
6
Sold inventory for $14,000 (COGS $7000); terms 1/10, n/30 FOB Shipping Point
Dr. AR/Cr. Revenue
Dr. AP/Cr. Revenue
Dr. AP/Cr. Revenue; Dr. COGS/Cr. Inventory
Dr. AR/Cr. Revenue; Dr. COGS/Cr. Inventory
7
2/15, n/30 is read as...
Feb 15th; net 30
2% discount paid in 15 days; or net 30 days
15% discount paid in 2 days; or net 30 days
$2 discount paid in 15 days; net 30 days
8
A wholesaler
Sells to manufcturers
Buys from retailers; sells to consumers
Buys from consumers; sells to retailers
Buys from manufacturers; sells to reatilers
9
In FOB Destination, ownership is transferred when....
At the end of the month
Goods arrive at the buyers warehouse
Good leaves the sellers warehouse
When a cash transaction occurs
10
A merchandise business earns revenue from selling:
Inventory
Nothing
Services
11
Gross Profit =
Sales - Expenses
Net Sales - COGS
Net Profit
COGS - Sales
12
Net Profit =
Gross Profit
Gross Profit - Expenses
Sales - COGS
COGS - Expenses
13
In FOB Shipping Point, transportation is paid by:
Aliens
It depends
Seller
Buyer