Written by students who passed Immediately available after payment Read online or as PDF Wrong document? Swap it for free 4.6 TrustPilot
logo-home
Previously searched by you
Previously searched by you
logo
  • FINANCIAL ACCOUNTING
  • FINANCIAL ACCOUNTING
To add items to your wishlist, you must be logged in
Document preview thumbnail
Preview 2 out of 5 pages
Exam (elaborations)

FAC 1502 FINANCIAL ACCOUNTING ELEMENTARY CALCULATIONS EXAM REVIEW SOLVED

0.0
(0 reviews)
- sold
5 pages
2026/2027 Written for academic year
Institution FINANCIAL ACCOUNTING
Course FINANCIAL ACCOUNTING
Document preview thumbnail
Preview 2 out of 5 pages

FAC 1502 FINANCIAL ACCOUNTING ELEMENTARY CALCULATIONS EXAM REVIEW SOLVED

Content preview

FAC 1502 FINANCIAL ACCOUNTING ELEMENTARY CALCULATIONS EXAM REVIEW SOLVED
QUESTIONS COMPLETE ANSWERS GRADED A PLUS




Question:
● what type of accounts are sales discounts and sales returns and allowances?

Answer:
contra revenue accounts



Question:
● gross profit calculation

Answer:
net sales - COGS



Question:
● COGS calculation

Answer:
beginning inventory + purchases - ending inventory



Question:
● Gross profit percentage calculation

Answer:
(gross profit / net sales) * 100



Question:
● Goods available for sale calculation

, Answer:
1. beginning inventory + purchases 2. COGS + ending inventory



Question:
● net income calculation

Answer:
gross profit - expenses



Question:
● inventory turnover ratio calculation

Answer:
COGS / average inventory (higher is better) rate of sell



Question:
● average inventory calculation

Answer:
(BI + EI) / 2



Question:
● days to sell calculation

Answer:
365 / inventory turnover ratio (lower is better) age of inventory



Question:
● gross profit margin calculation

Answer:

Document information

Uploaded on
August 15, 2026
Number of pages
5
Written in
2026/2027
Type
Exam (elaborations)
Contains
Questions & answers
Report Copyright Violation
$17.89
Wrong document? Swap it for free Within 14 days of purchase and before downloading, you can choose a different document. You can simply spend the amount again.
Written by students who passed
Immediately available after payment
Read online or as PDF
Seller avatar
ProfessorElizabeth
Sold
0
Followers
0
Items
3193
Last sold
-

Browse related subjects

Subjects

  • fac 1502 financial accounting elementary calculati

Why students choose Stuvia

Created by fellow students, verified by reviews

Quality you can trust: written by students who passed their tests and reviewed by others who've used these notes.

Didn't get what you expected? Choose another document

No worries! You can instantly pick a different document that better fits what you're looking for.

Pay as you like, start learning right away

No subscription, no commitments. Pay the way you're used to via credit card and download your PDF document instantly.

Student with book image

“Bought, downloaded, and aced it. It really can be that simple.”

Alisha Student

Working on your references?

Create accurate citations in APA, MLA and Harvard with our free citation generator.

Learn more Create citation
Working on your references?

Frequently asked questions