D103 OA#1 Practice Latest recent and
frequently tested exam with comprehensive
questions and verified accurate solution
(detailed & elaborated) GRADED A+
Professional Academic Assistance Services
Services Offered
Proctored Exam Assistance
Online Class Management (Full Course Support)
Exam Preparation & Study Materials
Assignments and Coursework Support
Essays and Research Papers
Discussion Posts and Replies
CONTACT INFORMATION
WHATAPPSLINK- https://wa.me/254784769540
, Gross billings for merchandise sold by Lang Company to its customers last year amounted to
$12,720,000; sales returns and allowances were $370,000, sales discounts were $175,000, and freight-
out was $140,000. What were net sales last year for Lang Company?
A) $12,720,000
B) $12,175,000
C) $12,035,000
D) $12,350,000 - correct ans:B) $12,175,000
Gross Billings - Returns & Allowances - Discounts = Net Sales ($12,720,000 - $370,000 - $175,000 =
$12,175,000). Freight out is a selling expense and not included in the calculation of Net Sales.
What entity was established by the federal government to help develop and standardize financial
information presented to stockholders?
A) SEC (Securities and Exchange Commission)
B) AICPA (American Institute of Certified Public Accountants)
C) FASB (Financial Accounting Standards Board)
D) CAP (Committee on Accounting Procedure) - correct ans:A) SEC (Securities and Exchange Commission)
What is a significant difference between the FASB (Financial Accounting Standards Board) and its
predecessor, the APB?
A) More centralized representation
B) Larger membership
C) Increased independence
D) Less autonomy - correct ans:C) Increased independence
[DATE]
Which publication is considered a GAAP document?
[COMPANY NAME]
[Company address]
frequently tested exam with comprehensive
questions and verified accurate solution
(detailed & elaborated) GRADED A+
Professional Academic Assistance Services
Services Offered
Proctored Exam Assistance
Online Class Management (Full Course Support)
Exam Preparation & Study Materials
Assignments and Coursework Support
Essays and Research Papers
Discussion Posts and Replies
CONTACT INFORMATION
WHATAPPSLINK- https://wa.me/254784769540
, Gross billings for merchandise sold by Lang Company to its customers last year amounted to
$12,720,000; sales returns and allowances were $370,000, sales discounts were $175,000, and freight-
out was $140,000. What were net sales last year for Lang Company?
A) $12,720,000
B) $12,175,000
C) $12,035,000
D) $12,350,000 - correct ans:B) $12,175,000
Gross Billings - Returns & Allowances - Discounts = Net Sales ($12,720,000 - $370,000 - $175,000 =
$12,175,000). Freight out is a selling expense and not included in the calculation of Net Sales.
What entity was established by the federal government to help develop and standardize financial
information presented to stockholders?
A) SEC (Securities and Exchange Commission)
B) AICPA (American Institute of Certified Public Accountants)
C) FASB (Financial Accounting Standards Board)
D) CAP (Committee on Accounting Procedure) - correct ans:A) SEC (Securities and Exchange Commission)
What is a significant difference between the FASB (Financial Accounting Standards Board) and its
predecessor, the APB?
A) More centralized representation
B) Larger membership
C) Increased independence
D) Less autonomy - correct ans:C) Increased independence
[DATE]
Which publication is considered a GAAP document?
[COMPANY NAME]
[Company address]
