Home Library Explore SAT

Home Library Explore SAT

Chapter 7 review 2 Flashcards | StudBud

Explore/Chapter 7 review 2

COGS =

Which inventory system do we use "purchases account"?

Chapter 7 review 2

13 terms·StudBud Administration·14 plays

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

Flashcards13 cardsFPractice quizPHost liveL

Questions 13

Answers

1
Which inventory system do we use "purchases account"?
Periodic
Plausible
Platnoic
Perpetual
2
COGS =
Beg Inv + Purch - End Inv
Beg Inv - Purch + End Inv
Beg Inv + Purch + End Inv
Beg Inv - Purch - End Inv
3
One advantage of the periodic system is that it ______________.
Requires more transactions and accounts
Allows inventory to become unadjusted
is cheaper to use
Keeps track of inventory
4
A merchandise business earns revenue from selling:
Nothing
Inventory
Services
5
Which of the following is NOT a temporary account?
Rent Expense
COGS
Cash
Sales Discount
6
Which of the following is not a contra account?
Sales Discounts
Inventory
Accum. Depreciation
Returns/Allowances
7
Gross Profit =
Net Profit
Sales - COGS
COGS - Sales
Sales - Expenses
8
The inventory system that keeps an ongoing count of inventory is?
Perpetual
Periodic
Both
9
Net Profit =
Gross Profit
Sales - COGS
Gross Profit - Expenses
COGS - Expenses
10
Which of the following is NOT a merchandising business?
No Frills
Walmart
National Sports
Expedia.ca
11
2/15, n/30 is read as...
2% discount paid in 15 days; or net 30 days
Feb 15th; net 30
$2 discount paid in 15 days; net 30 days
15% discount paid in 2 days; or net 30 days
12
A wholesaler
Buys from retailers; sells to consumers
Buys from manufacturers; sells to reatilers
Sells to manufcturers
Buys from consumers; sells to retailers
13
Sold inventory for $14,000 (COGS $7000); terms 1/10, n/30 FOB Shipping Point
Dr. AP/Cr. Revenue
Dr. AP/Cr. Revenue; Dr. COGS/Cr. Inventory
Dr. AR/Cr. Revenue
Dr. AR/Cr. Revenue; Dr. COGS/Cr. Inventory