ACC 201 Exam 2 UNLV questions and answers graded A+ passed

ACC 201 Exam 2 UNLV questions and answers graded A+ passedThe LiFo Conformity rule states that? - ANS If this method is used for inventory, it MUST be used for it's financial reporting. Turnover Ratio - ANS COGS/Average Inventory Days to Sell Ratio - ANS 365/inventory turnover ratio -average number of days from purchase to sale -a higher number means a longer time to sell Cost of Goods Sold - ANS the total cost of merchandise sold during the period Inventory - ANS A list of possessions or goods on hand, waiting to be sold Multi-Step Income Statement - ANS Income statement format that contains subtotals to highlight significant relationships. In addition to net income, it reports gross profit and operating income. Gross Profit - ANS net sales - cost of goods sold Sales General and Administrative Expenses - ANS The operating expenses of a company that relate to selling expenses and general and administrative expenses (such as rent, electricity, salaries of non-sales personnel). Also called SG&A. net sales - ANS Sales - Returns & Discounts Historical Cost - ANS the actual amount paid for merchandise or other items bought is recorded