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ACCT 2401 Exam 2 Multiple Choice Study Guide | Accounting Review & Practice Questions

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ACCT 2401 Exam 2 Multiple Choice Study Guide | Accounting Review & Practice Questions

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ACCT 2401 Exam 2 Multiple Choice Study Guide | Accounting Review & Practice
Questions


How gross profit is calculated - ANS ✔✔NET sales revenue - Cost of goods sold



The main expense of a merchandiser - ANS ✔✔Cost of good sold



The two main categories of merchandising systems - ANS ✔✔Perpetual and Periodic



How to interpret credit terms - ANS ✔✔3|10, n|30 (Number amount of discount - Max # days
for disc.- N (Net Full amount) - Max # days to pay)



How discounts by a buyer are recorded in a perpetual inventory system - ANS ✔✔As credit to
merchandise inventory



How defective merchandise that is returned is treated on the books - ANS ✔✔As Purchase
Returns



Who pays the shipping costs under the terms FOB shipping point - ANS ✔✔The buyer



What freight out refers to - ANS ✔✔Transportation cost on sales



What freight in is - ANS ✔✔Transportation cost



The normal balances for Sales, Sales Discounts, and Sales Returns and Allowances - ANS
✔✔Sales is a credit balance. Sales Discounts is a debit balance. Sales Returns and Allowances a
debit balance

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