Chapter 6 Practice Materials文档格式.docx

Chapter 6 Practice Materials文档格式.docx

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2.Netincomeplusoperatingexpensesisequalto

costofgoodssold

costofgoodsavailableforsale

netsales

grossprofit

DDIF:

EasyOBJ:

AACSBAnalytic|AICPAFN-Measurement

3.Generally,therevenueaccountforamerchandisingbusinessisentitled

Sales

NetSales

GrossSales

GrossProfit

ADIF:

4.Whatisthetermappliedtotheexcessofnetrevenuefromsalesoverthecostofmerchandisesold?

incomefromoperations

netincome

grosssales

5.Theterm"

inventory"

indicates

merchandiseheldforsaleinthenormalcourseof 

business

materialsintheprocessofproductionorheldfor 

production

supplies

both（a）and（b）

6.Acompanyusingtheperiodicinventorysystemhasthefollowingaccountbalances:

MerchandiseInventoryatthebeginningoftheyear,$4,000;

Transportation-In,$450;

Purchases,$12,000;

PurchasesReturnsandAllowances,$2,300;

PurchasesDiscounts,$220.Thecostofmerchandisepurchasedisequalto

$13,930

$9,930

$9,489

$14520

BDIF:

DifficultOBJ:

06-02

7.Acompany,usingtheperiodicinventorysystem,hasmerchandiseinventorycosting$140onhandatthebeginningoftheperiod.Duringtheperiod,merchandisecosting$400ispurchased.Atyear-end,merchandiseinventorycosting$180isonhand.Thecostofmerchandisesoldfortheyearis

$720

$550

$360

$140

8.Expensesthatareincurreddirectlyorentirelyinconnectionwiththesaleofmerchandiseareclassifiedas

sellingexpenses

generalexpenses

otherexpenses

administrativeexpenses

9.Officesalaries,depreciationofofficeequipment,andofficesuppliesareexamplesofwhattypeofexpense?

sellingexpense

miscellaneousexpense

administrativeexpense

otherexpense

10.Theformofincomestatementthatderivesitsnamefromthefactthatthetotalofallexpensesisdeductedfromthetotalofallrevenuesiscalleda

multiple-stepstatement

revenuestatement

report-formstatement

single-stepstatement

11.Multiple-stepincomestatementsshow

grossprofitbutnotincomefromoperations

neithergrossprofitnorincomefromoperations

bothgrossprofitandincomefromoperations

incomefromoperationsbutnotgrossprofit

12.Whenthethreesectionsofabalancesheetarepresentedonapageinadownwardsequence,itiscalledthe

accountform

comparativeform

horizontalform

reportform

13.Thestatementofowner'

sequityshows

onlynetincome,beginningandendingcapital

onlytotalassets,beginningandendingcapital

onlynetincome,beginningcapital,andwithdrawals

allthechangesintheowner'

scapitalasaresultofnetincome,netloss,additionalinvestments,andwithdrawals

14.Merchandiseinventoryisclassifiedonthebalancesheetasa

CurrentLiability

CurrentAsset

Long-TermAsset

Long-TermLiability

15.Whichaccountisnotclassifiedasasellingexpense?

SalesSalaries

Transportation-Out

SalesDiscounts

AdvertisingExpense

16.Theprimarydifferencebetweenaperiodicandperpetualinventorysystemisthata

periodicsystemdeterminestheinventoryonhandonlyattheendoftheaccountingperiod

periodicsystemkeepsarecordshowingtheinventoryonhandatalltimes

periodicsystemprovidesaneasymeanstodetermineinventoryshrinkage

periodicsystemrecordsthecostofthesaleonthedatethesaleismade

17.Theinventorysystememployingaccountingrecordsthatcontinuouslydisclosetheamountofinventoryiscalled

Retail

Periodic

Physical

Perpetual

18.Whentheperpetualinventorysystemisused,theinventorysoldisshownontheincomestatementas

costofmerchandisesold

Purchases

purchasesreturnsandallowances

netpurchases

19.Whencomparingaretailbusinesstoaservicebusiness,thefinancialstatementthatchangesthemostisthe

BalanceSheet

IncomeStatement

StatementofOwner'

sEquity

StatementofCashFlow

20.Whencomparingaretailbusinesstoaservicebusiness,thefinancialstatementthatchangestheleastisthe

21.Grossprofitisequalto:

salesplus（salesdiscountsandsalesreturnsandallowances）pluscostofgoodssold

salesplussalesreturnsandallowanceslesssalesdiscountslesscostofgoodssold

salesplussalesdiscountslesssalesreturnsandallowanceslesscostofgoodssold

salesless（salesdiscountsandsalesreturnsandallowances）lesscostofgoodssold

22.Usingthefollowinginformation,whatistheamountofcostofmerchandisesold?

$28,000

Purchasesdiscounts

$800

MerchandiseinventoryApril1

6,500

Merchandiseinventory

April30

7,800

Salesreturnsandallowances

750

57,000

Purchasesreturnsandallowances

1,000

TransportationIn

880

25,780

23,270

31,220

24,020

23.Usingthefollowinginformation,whatistheamountofgrossprofit?

April1

Salesreturnsand

allowances

Purchasesreturnsand

31,970

30,470

56,250

24.Usingthefollowinginformation,whatistheamountofnetsales?

57,750

25.Usingthefollowinginformation,whatistheamountofmerchandiseavailableforsale?

33,580

34,500

26.Wherearesellingandadministrativeexpensesfoundonthemulti-stepincomestatement?

beforegrossprofit

aftersalesandbeforegrossprofit

afternetincomebeforeexpenses

aftergrossprofit

27.SilverCo.soldmerchandisetoBronzeCo.onaccount,$23,000,terms2/15,net45.Thecostofthemerchandisesoldis$18,500.SilverCo.issuedacreditmemorandumfor$2,500formerchandisereturnedthatoriginallycost$1,900.TheBronzeCo.paidtheinvoicewithinthediscountperiod.Whatisamountofnetsalesfromtheabovetransactions?

$20,090

$20,500

$3,490

$23,000

28.Usingaperpetualinventorysystem,theentrytorecordthesaleofmerchandiseonaccountincludesa

debittoSales

debittoMerchandiseInventory

credittoMerchandiseInventory

credittoAccountsReceivable

06-03

29.Whichofthefollowingaccountshasanormaldebitbalance?

AccountsPayable

SalesReturnsandAllowances

InterestRevenue