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ACC 101 Exam 2 Q&A 2026

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ACC 101 Exam 2 Q&A 2026

Institution

Accounting 101

Course

Accounting 101

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ACC 101 Exam 2
Q&A 2026
WhatBkindBofBaccountBisBmerchandiseBinventory?B-BAnswerBCurrentBasset

WhatBkindBofBaccountBisBtheBcostBofBmerchandiseBsold?B-BAnswerBExpense

WhatBkindBofBaccountBisBSales?B-BAnswerBRevenue

WhatBisBtheBformulaBforBGrossBprofit?B-BAnswerBGrossBProfitB=BRevenueB-
BCostBofBGoodsBSold

WhatBisBtheBformulaBtoBcalculateBincomeBfromBoperations?B-
BAnswerBOperatingBIncomeB=BGrossBProfitB-BOperatingBExpenses

WhatBisBtheBdifferenceBbetweenBperpetualBvsBperiodicBinventory?B-
BAnswerBPerpetual:BEachBpurchaseBandBsaleBofBmerchandiseBisBrecordedBinBtheBinve
ntoryBaccountBandBrelatedBsubsidiaryBledger

Periodic:BTheBinventoryBdoesBnotBshowBtheBamountBofBmerchandiseBavailableBforBsal
eBandBtheBamountBsold.

InBtheBdiscountBtermsB2/10BnetB30,BwhatBdoesBeachBnumberBrepresent?B-
BAnswerBTheB"2"BmeansBthatBaB2%BdiscountBisBavailableBifBpaymentBisBmadeBwithin
B10Bdays,BandBtheBfullBinvoiceBamountBisBdueBwithinB30BdaysBifBtheBdiscountBisBnot
Btaken.

WhoBpayBtheBshippingBforBFOBBshippingBpointB-
BAnswerBTheBbuyerBpaysBtheBfreightBcostsBfromBtheBshippingBpointBtoBtheBfinalBdest
ination

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Course: Accounting 101

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Uploaded on: July 22, 2026
Number of pages: 4
Written in: 2025/2026
Type: Exam (elaborations)
Contains: Questions & answers

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acc 101 exam 2 qa 2026

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ACC 101 Exam 2 Q&A 2026

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