Accounting 200 Exam 2 (KU) Final Test
Questions All Solved Correct (2025)
Updated.
Marketing - Answer determines the wants and demands of the customers and then decides
how to fulfill them
Mark-up - Answer when a product is bought by a merchandiser and sold at a higher price
(Merchandise Inventory) Inventory - Answer products stored for resale
Purchases Account - Answer companion account to inventory
Concur Account - Answer has the same normal balance as its companion
Purchase Returns - Answer items that are returned to the supplier because they are not right
for some reason
Purchase Allowances - Answer price reductions granted by the supplier after the fact to make
amends for some error on its part
Purchase Returns and Allowances - Answer contra account to the purchases account since it
represents a reduction in purchases
Purchase Discounts - Answer when a merchandiser purchases goods on a regular basis from
the same supplier and they get a discount
Wholesaler - Answer company that sells to other companies like merchandisers
Net Purchases - Answer gross purchases made throughout the period, plus freight in, less
purchase discounts and purchase returns and allowances
(Goods Available for Sale) GAS - Answer total amount of inventory that could be sold in a
, (Cost of Goods Sold) COGS - Answer expense associated with the depletion of inventory during
a period
Gross Margin - Answer sales revenue less cost of goods sold
Gross Margin Percentage - Answer Gross Margin/Nets Sales Revenue x 100
Internal Controls - Answer actions and policies that a company uses to safeguard assets ,
maintain correct accounting records, encourage efficiency, and promote adherence to company
policies
Human Resource Management - Answer field within business that focuses on the individuals
who work for a business entity
Deposits in Transit - Answer deposits of cash and checks that the company records at the time
of receipt before forwarding to the bank
Outstanding Checks - Answer checks which the company has written for payment to another
entity, that have been recorded by the company but which have not yet been presented to the
bank for payment
(Non-Sufficient Funds) NSF - Answer checks deposited by the company on which, for various
reasons, the bank could not collect
Petty Cash Fund - Answer small amount of cash kept by a single person for small/minuscule
transactions
Accounts Receivable - Answer results from purchases of goods or services on account that are
paid off in a relatively short time
Bad Debt Expense - Answer amount not paid by people who have made purchases on account
Direct Write-Off Method - Answer recording noncollectable accounts expense only when an
amount is actually known to be noncollectable
Questions All Solved Correct (2025)
Updated.
Marketing - Answer determines the wants and demands of the customers and then decides
how to fulfill them
Mark-up - Answer when a product is bought by a merchandiser and sold at a higher price
(Merchandise Inventory) Inventory - Answer products stored for resale
Purchases Account - Answer companion account to inventory
Concur Account - Answer has the same normal balance as its companion
Purchase Returns - Answer items that are returned to the supplier because they are not right
for some reason
Purchase Allowances - Answer price reductions granted by the supplier after the fact to make
amends for some error on its part
Purchase Returns and Allowances - Answer contra account to the purchases account since it
represents a reduction in purchases
Purchase Discounts - Answer when a merchandiser purchases goods on a regular basis from
the same supplier and they get a discount
Wholesaler - Answer company that sells to other companies like merchandisers
Net Purchases - Answer gross purchases made throughout the period, plus freight in, less
purchase discounts and purchase returns and allowances
(Goods Available for Sale) GAS - Answer total amount of inventory that could be sold in a
, (Cost of Goods Sold) COGS - Answer expense associated with the depletion of inventory during
a period
Gross Margin - Answer sales revenue less cost of goods sold
Gross Margin Percentage - Answer Gross Margin/Nets Sales Revenue x 100
Internal Controls - Answer actions and policies that a company uses to safeguard assets ,
maintain correct accounting records, encourage efficiency, and promote adherence to company
policies
Human Resource Management - Answer field within business that focuses on the individuals
who work for a business entity
Deposits in Transit - Answer deposits of cash and checks that the company records at the time
of receipt before forwarding to the bank
Outstanding Checks - Answer checks which the company has written for payment to another
entity, that have been recorded by the company but which have not yet been presented to the
bank for payment
(Non-Sufficient Funds) NSF - Answer checks deposited by the company on which, for various
reasons, the bank could not collect
Petty Cash Fund - Answer small amount of cash kept by a single person for small/minuscule
transactions
Accounts Receivable - Answer results from purchases of goods or services on account that are
paid off in a relatively short time
Bad Debt Expense - Answer amount not paid by people who have made purchases on account
Direct Write-Off Method - Answer recording noncollectable accounts expense only when an
amount is actually known to be noncollectable
