Buys from manufacturers; sells to reatilers

In FOB Destination, ownership is transferred when....

Goods arrive at the buyers warehouse

Sold inventory for $14,000 (COGS $7000); terms 1/10, n/30 FOB Shipping Point

Dr. AR/Cr. Revenue; Dr. COGS/Cr. Inventory

Will you take Grade 12 accounting next year?!

See Ya Never Mr. James (No), (I'm interested in business) Yes, HELL YA!, Still deciding if I like you (Maybe)

2/15, n/30 is read as...

2% discount paid in 15 days; or net 30 days

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Duplicate of Appleby College Grade 11 Accounting - BAF3M (Merch. Business)

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

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Questions 14

Answers

1
Which of the following is NOT a temporary account?
Cash
Sales Discount
COGS
Rent Expense
2
Which is an inventory system we study in this course?
Painful
Platnoic
Perpetual
Plausible
3
Shrinkage is when there is
Deterioration of Inventory
Theft
All of the above
Broken Inventory
4
A wholesaler
Buys from retailers; sells to consumers
Buys from consumers; sells to retailers
Buys from manufacturers; sells to reatilers
Sells to manufcturers
5
In FOB Destination, ownership is transferred when....
When a cash transaction occurs
At the end of the month
Good leaves the sellers warehouse
Goods arrive at the buyers warehouse
6
Sold inventory for $14,000 (COGS $7000); terms 1/10, n/30 FOB Shipping Point
Dr. AR/Cr. Revenue; Dr. COGS/Cr. Inventory
Dr. AP/Cr. Revenue; Dr. COGS/Cr. Inventory
Dr. AR/Cr. Revenue
Dr. AP/Cr. Revenue
7
COGS =
Beg Inv + Purch - End Inv
Beg Inv - Purch - End Inv
Beg Inv + Purch + End Inv
Beg Inv - Purch + End Inv
8
Net Profit =
Sales - COGS
COGS - Expenses
Gross Profit - Expenses
Gross Profit
9
Which of the following is not a contra account?
Inventory
Accum. Depreciation
Sales Discounts
Returns/Allowances
10
Will you take Grade 12 accounting next year?!
See Ya Never Mr. James (No)
(I'm interested in business) Yes
HELL YA!
Still deciding if I like you (Maybe)
11
A merchandise business earns revenue from selling:
Nothing
Souls
Items
Services
12
In FOB Shipping Point, transportation is paid by:
Buyer
It depends
Aliens
Seller
13
2/15, n/30 is read as...
2% discount paid in 15 days; or net 30 days
15% discount paid in 2 days; or net 30 days
Feb 15th; net 30
$2 discount paid in 15 days; net 30 days
14
Gross Profit =
Net Profit
Sales - Expenses
Net Sales - COGS
COGS - Sales

Duplicate of Appleby College Grade 11 Accounting - BAF3M (Merch. Business) Flashcards | StudBud