ACG2021 Exam 2 Chapters 4 top 7 QUE ST ION 1 1. The amount recorded for merchandise inventory includes all of the following except: Purchase discounts. Returns and allowances. Freight costs paid by the buyer. Freight costs paid by the seller. Trade discounts. 4 points QUE ST ION 2 1. A trade discount is: A term used by a purchaser to describe a cash discount given to customers for prompt payment. A reduction in selling price below the list price. A term used by a seller to descri...

ACG2021 Exam 1 on Chapters 1 through 3 2021 exam updates (questions and answers)ACG2021 Exam 1 on Chapters 1 through 3 QUE ST ION 1 1. Investing activities are the acquiring and disposing of resources that an organization uses to acquire and sell its products or services. True False 4 points QUE ST ION 2 1. According to the measurement (cost) principle, it is necessary for managers to report an approximation of an asset's market value upon purchase. True False 4 points QUE ST ION 3...

ACG2021 Exam 3 modules 8 9 and 10 practice exam questions and answers 2021 ACG2021 Exam 3 modules 8 9 and 10 QUE ST ION 1 1. The collection period of accounts receivable is usually long therefore it is classified as a long-term asset in the balance sheet. True False 4 points QUE ST ION 2 1. On October 1, 2015, Ealys Jewelers accepted a 4-month, 12% note for $6,000 in settlement of an overdue account receivable. The company closes its accounts at the year end. Calculate and record the a...

Quiz chapter 4 review

Financial and Managerial Accounting - Chapt 5 Summarized