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ACCY 201 CHAPTER 4 AND 5 EXAM QUESTIONS AND ANSWERS

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ACCY 201 CHAPTER 4 AND 5 EXAM QUESTIONS AND ANSWERS

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ACCY 201 CHAPTER 4 AND 5 EXAM
QUESTIONS AND ANSWERS

What is gross profit? - Answer- what you are making on selling the goods before other
expenses

What is credit period? - Answer- time before full payment due

What is SOX - Answer- Sarbanes Oxley Act - a United States federal law that set new
or expanded requirements for all U.S. public company boards, management and public
accounting firms.

What is discount period - Answer- time to get discount by paying fast

What are control accounts - Answer- summery of subsidiary

What is a subsidiary ledger - Answer- detail of each individual account

What is a physical inventory - Answer- count taken of inventory at least once per year
under both methods

What are accounts for shrinkage - Answer- theft, damage,


Merchandise Inventory - Answer- All goods a company owns and holds for sale

What are goods in transit? - Answer- Purchased goods not yet received.
Sold goods not yet delivered.

What is FOB shipping point - Answer- Buyer owns

What is FOB destination - Answer- seller owns

What is goods on consignment - Answer- Consignor
consignee

What is a consignor? - Answer- owner of goods

What is a consignee - Answer- selling agent

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