ChapterracticeMaterials.docx
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ChapterracticeMaterials.docx
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ChapterracticeMaterials
Chapter6—AccountingforMerchandisingBusinesses
MULTIPLECHOICE
1.Whichoneofthefollowingisnotadifferencebetweenaretailbusinessandaservicebusiness
a.
inwhatissold
b.
theinclusionofgrossprofitintheincomestatement
c.
accountingequation
d.
merchandiseinventoryincludedinthebalancesheet
ANS:
CDIF:
ModerateOBJ:
06-01
NAT:
AACSBAnalytic|AICPABB-Industry
2.Netincomeplusoperatingexpensesisequalto
a.
costofgoodssold
b.
costofgoodsavailableforsale
c.
netsales
d.
grossprofit
ANS:
DDIF:
EasyOBJ:
06-01
NAT:
AACSBAnalytic|AICPAFN-Measurement
3.Generally,therevenueaccountforamerchandisingbusinessisentitled
a.
Sales
b.
NetSales
c.
GrossSales
d.
GrossProfit
ANS:
ADIF:
EasyOBJ:
06-01
NAT:
AACSBAnalytic|AICPAFN-Measurement
4.Whatisthetermappliedtotheexcessofnetrevenuefromsalesoverthecostofmerchandisesold
a.
grossprofit
b.
incomefromoperations
c.
netincome
d.
grosssales
ANS:
ADIF:
EasyOBJ:
06-01
NAT:
AACSBAnalytic|AICPAFN-Measurement
5.Theterm"inventory"indicates
a.
merchandiseheldforsaleinthenormalcourseof?
business
b.
materialsintheprocessofproductionorheldfor?
production
c.
supplies
d.
both(a)and(b)
ANS:
DDIF:
EasyOBJ:
06-01
NAT:
AACSBAnalytic|AICPAFN-Measurement
6.Acompanyusingtheperiodicinventorysystemhasthefollowingaccountbalances:
MerchandiseInventoryatthebeginningoftheyear,$4,000;Transportation-In,$450;Purchases,$12,000;PurchasesReturnsandAllowances,$2,300;PurchasesDiscounts,$220.Thecostofmerchandisepurchasedisequalto
a.
$13,930
b.
$9,930
c.
$9,489
d.
$14520
ANS:
BDIF:
DifficultOBJ:
06-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
7.Acompany,usingtheperiodicinventorysystem,hasmerchandiseinventorycosting$140onhandatthebeginningoftheperiod.Duringtheperiod,merchandisecosting$400ispurchased.Atyear-end,merchandiseinventorycosting$180isonhand.Thecostofmerchandisesoldfortheyearis
a.
$720
b.
$550
c.
$360
d.
$140
ANS:
CDIF:
DifficultOBJ:
06-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
8.Expensesthatareincurreddirectlyorentirelyinconnectionwiththesaleofmerchandiseareclassifiedas
a.
sellingexpenses
b.
generalexpenses
c.
otherexpenses
d.
administrativeexpenses
ANS:
ADIF:
EasyOBJ:
06-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
9.Officesalaries,depreciationofofficeequipment,andofficesuppliesareexamplesofwhattypeofexpense
a.
sellingexpense
b.
miscellaneousexpense
c.
administrativeexpense
d.
otherexpense
ANS:
CDIF:
EasyOBJ:
06-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
10.Theformofincomestatementthatderivesitsnamefromthefactthatthetotalofallexpensesisdeductedfromthetotalofallrevenuesiscalleda
a.
multiple-stepstatement
b.
revenuestatement
c.
report-formstatement
d.
single-stepstatement
ANS:
DDIF:
EasyOBJ:
06-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
11.Multiple-stepincomestatementsshow
a.
grossprofitbutnotincomefromoperations
b.
neithergrossprofitnorincomefromoperations
c.
bothgrossprofitandincomefromoperations
d.
incomefromoperationsbutnotgrossprofit
ANS:
CDIF:
ModerateOBJ:
06-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
12.Whenthethreesectionsofabalancesheetarepresentedonapageinadownwardsequence,itiscalledthe
a.
accountform
b.
comparativeform
c.
horizontalform
d.
reportform
ANS:
DDIF:
EasyOBJ:
06-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
13.Thestatementofowner'sequityshows
a.
onlynetincome,beginningandendingcapital
b.
onlytotalassets,beginningandendingcapital
c.
onlynetincome,beginningcapital,andwithdrawals
d.
allthechangesintheowner'scapitalasaresultofnetincome,netloss,additionalinvestments,andwithdrawals
ANS:
DDIF:
ModerateOBJ:
06-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
14.Merchandiseinventoryisclassifiedonthebalancesheetasa
a.
CurrentLiability
b.
CurrentAsset
c.
Long-TermAsset
d.
Long-TermLiability
ANS:
BDIF:
EasyOBJ:
06-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
15.Whichaccountisnotclassifiedasasellingexpense
a.
SalesSalaries
b.
Transportation-Out
c.
SalesDiscounts
d.
AdvertisingExpense
ANS:
CDIF:
EasyOBJ:
06-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
16.Theprimarydifferencebetweenaperiodicandperpetualinventorysystemisthata
a.
periodicsystemdeterminestheinventoryonhandonlyattheendoftheaccountingperiod
b.
periodicsystemkeepsarecordshowingtheinventoryonhandatalltimes
c.
periodicsystemprovidesaneasymeanstodetermineinventoryshrinkage
d.
periodicsystemrecordsthecostofthesaleonthedatethesaleismade
ANS:
ADIF:
ModerateOBJ:
06-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
17.Theinventorysystememployingaccountingrecordsthatcontinuouslydisclosetheamountofinventoryiscalled
a.
Retail
b.
Periodic
c.
Physical
d.
Perpetual
ANS:
DDIF:
EasyOBJ:
06-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
18.Whentheperpetualinventorysystemisused,theinventorysoldisshownontheincomestatementas
a.
costofmerchandisesold
b.
Purchases
c.
purchasesreturnsandallowances
d.
netpurchases
ANS:
ADIF:
EasyOBJ:
06-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
19.Whencomparingaretailbusinesstoaservicebusiness,thefinancialstatementthatchangesthemostisthe
a.
BalanceSheet
b.
IncomeStatement
c.
StatementofOwner'sEquity
d.
StatementofCashFlow
ANS:
BDIF:
ModerateOBJ:
06-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
20.Whencomparingaretailbusinesstoaservicebusiness,thefinancialstatementthatchangestheleastisthe
a.
BalanceSheet
b.
IncomeStatement
c.
StatementofOwner'sEquity
d.
StatementofCashFlow
ANS:
CDIF:
ModerateOBJ:
06-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
21.Grossprofitisequalto:
a.
salesplus(salesdiscountsandsalesreturnsandallowances)pluscostofgoodssold
b.
salesplussalesreturnsandallowanceslesssalesdiscountslesscostofgoodssold
c.
salesplussalesdiscountslesssalesreturnsandallowanceslesscostofgoodssold
d.
salesless(salesdiscountsandsalesreturnsandallowances)lesscostofgoodssold
ANS:
DDIF:
ModerateOBJ:
06-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
22.Usingthefollowinginformation,whatistheamountofcostofmerchandisesold
Purchases
$28,000
Purchasesdiscounts
$800
MerchandiseinventoryApril1
6,500
Merchandiseinventory
April30
7,800
Salesreturnsandallowances
750
Sales
57,000
Purchasesreturnsandallowances
1,000
TransportationIn
880
a.
25,780
b.
23,270
c.
31,220
d.
24,020
ANS:
ADIF:
DifficultOBJ:
06-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
23.Usingthefollowinginformation,whatistheamountofgrossprofit
Purchases
$28,000
Purchasesdiscounts
$800
Merchandiseinventory
April1
6,500
Merchandiseinventory
April30
7,800
Salesreturnsand
allowances
750
Sales
57,000
Purchasesreturnsand
allowances
1,000
TransportationIn
880
a.
31,970
b.
30,470
c.
25,780
d.
56,250
ANS:
BDIF:
DifficultOBJ:
06-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
24.Usingthefollowinginformation,whatistheamountofnetsales
Purchases
$28,000
Purchasesdiscounts
$800
Merchandiseinventory
April1
6,500
Merchandiseinventory
April30
7,800
Salesreturnsand
allowances
750
Sales
57,000
Purchasesreturnsand
allowances
1,000
TransportationIn
880
a.
25,780
b.
57,000
c.
57,750
d.
56,250
ANS:
DDIF:
ModerateOBJ:
06-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
25.Usingthefollowinginformation,whatistheamountofmerchandiseavailableforsale
Purchases
$28,000
Purchasesdiscounts
$800
Merchandiseinventory
April1
6,500
Merchandiseinventory
April30
7,800
Salesreturnsand
allowances
750
Sales
57,000
Purchasesreturnsand
allowances
1,000
TransportationIn
880
a.
33,580
b.
30,470
c.
25,780
d.
34,500
ANS:
ADIF:
DifficultOBJ:
06-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
26.Wherearesellingandadministrativeexpensesfoundonthemulti-stepincomestatement
a.
beforegrossprofit
b.
aftersalesandbeforegrossprofit
c.
afternetincomebeforeexpenses
d.
aftergrossprofit
ANS:
DDIF:
ModerateOBJ:
06-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
27.SilverCo.soldmerchandisetoBronzeCo.onaccount,$23,000,terms2/15,net45.Thecostofthemerchandisesoldis$18,500.SilverCo.issuedacreditmemorandumfor$2,500formerchandisereturnedthatoriginallycost$1,900.TheBronzeCo.paidtheinvoicewithinthediscountperiod.Whatisamountofnetsalesfromtheabovetransactions
a.
$20,090
b.
$20,500
c.
$3,490
d.
$23,000
ANS:
ADIF:
DifficultOBJ:
06-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
28.Usingaperpetualinventorysystem,theentrytorecordthesaleofmerchandiseonaccountincludesa
a.
debittoSales
b.
debittoMerchandiseInventory
c.
credittoMerchandiseInventory
d.
credittoAccountsReceivable
ANS:
CDIF:
EasyOBJ:
06-03
NAT:
AACSBAnalytic|AICPAFN-Measurement
29.Whichofthefollowingaccountshasanormaldebitbalance
a.
AccountsPayable
b.
SalesReturnsandAllowances
c.
Sales
d.
InterestRevenue
ANS:
BDIF:
ModerateOBJ:
06-03
NAT:
AACSBAnalytic|AICPAFN-Measurement
30.Merchandi
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