BUSA 1102 Unit 1-3 2025/2026 Basic Accounting
Exam with Correctly Answered Questions
Guaranteed Pass Real Exam (Score A)
University of People
The gross profit margin ratio shows the margin of revenue below the cost of goods
sold that can be used to cover operating expenses and profit.
Select one:
a. True
b. False
b. False
Which of the following is used for manual stock check of inventory to make sure what
is recorded on the books matches what is actually in the warehouse and on the sales
floor.
Select one:
a. Periodic Inventory System
b. Physical Inventory Count
c. Perpetual Inventory System
b. Physical Inventory Count
,Which of the following refers to the shipping costs for which the buyer is responsible
when receiving shipment from a seller, such as delivery and insurance expenses. .
Select one:
a. Net Purchases
b. Freight-in
c. Point of transfer
b. Freight-in
Long-term liability is debt settled outside one year or one operating cycle, whichever
is longer.
Select one:
a. True
b. False
a. True
If a company returns merchandise before remitting payment, they would debit
Accounts Payable and credit Purchase Returns and Allowances.
Select one:
a. True
b. False
a. True
, The classified balance sheet presents information on your balance sheet in a more
informative structure, where asset and liability categories are divided into smaller,
more detailed sections.
Select one:
a. True
b. False
a. True
Which one is not an example of an intangible asset?
Select one:
a. Trademarks
b. Patents
c. Equipment
c. Equipment
A perpetual inventory system updates and records the inventory account at certain,
scheduled times at the end of an operating cycle.
Select one:
a. True
b. False
b. False
Exam with Correctly Answered Questions
Guaranteed Pass Real Exam (Score A)
University of People
The gross profit margin ratio shows the margin of revenue below the cost of goods
sold that can be used to cover operating expenses and profit.
Select one:
a. True
b. False
b. False
Which of the following is used for manual stock check of inventory to make sure what
is recorded on the books matches what is actually in the warehouse and on the sales
floor.
Select one:
a. Periodic Inventory System
b. Physical Inventory Count
c. Perpetual Inventory System
b. Physical Inventory Count
,Which of the following refers to the shipping costs for which the buyer is responsible
when receiving shipment from a seller, such as delivery and insurance expenses. .
Select one:
a. Net Purchases
b. Freight-in
c. Point of transfer
b. Freight-in
Long-term liability is debt settled outside one year or one operating cycle, whichever
is longer.
Select one:
a. True
b. False
a. True
If a company returns merchandise before remitting payment, they would debit
Accounts Payable and credit Purchase Returns and Allowances.
Select one:
a. True
b. False
a. True
, The classified balance sheet presents information on your balance sheet in a more
informative structure, where asset and liability categories are divided into smaller,
more detailed sections.
Select one:
a. True
b. False
a. True
Which one is not an example of an intangible asset?
Select one:
a. Trademarks
b. Patents
c. Equipment
c. Equipment
A perpetual inventory system updates and records the inventory account at certain,
scheduled times at the end of an operating cycle.
Select one:
a. True
b. False
b. False
