CSCC Exam 2 Chp 5-7 Exam Review

Net Sales Revenue - COGS = ?

Bank charges a $25 fee. How will you record in the bank reconciliation? 

In which two ways can inventory methods be categorized? 

Normal balance for Sales Returns and Allowances is...

Deposits in transit and Outstanding checks go on which side of the bank reconciliation?

Normal balance for Sales is...

Applying the same inventory costing method from period to period, supports which principle? 

Which journal records all  cash outflows in the form of check or currency?

Which journal records all credit sales?

What are goods held for sale to customers?

Sales Revenue= 50,000; Sales Discounts= 5,000; Sales Return= 1,000; What is net sales revenue?

If there is a check error in the cash payments journal, which side to correct the Bank Recon?

Which journal would record the sale of merchandise for cash?

Ignoring a small error that does not impact the interpretation of financial statements. 

Ending Inventory: 40,000 units; Unit Cost: $6; Current Replacement Cost: $4; Apply LCM 

A company buys inventory for $50,000 (terms 2/10, n/30) on account. Which account to debit?

What is the discount for the following credit terms: "4/10, n/30"?

An inventory costing method that results in highest COGS during rising inventory costs. 

Normal balance for Sales Discount is...

An inventory costing method that uses the cost of the oldest purchases to calculate COGS. 

Principle that requires you report the most least favorable figures. 

Which of the following requires the buyer to pay transportation costs?

Prohibiting cashier access to accounting records supports which internal control procedure? 

Which journal records all purchases on account?

Keeping valuable supplies locked during business hours supports which internal control?