ACC 291T

1. What is petty cash? o Small amounts of cash kept for miscellaneous purposes o Cash used to offset the amounts owed to inventory suppliers o Cash required by banks to be kept on deposit o Cash used to pay for rent, insurance, and advertising FEEDBACK 2 / 2 (100.0%) 2. Debit memos from a bank reduce a depositor's cash balance, and credit memos increase t

1. Which of the following factors are used in calculating a company’s inventory turnover? o Net sales and average inventory o Cost of goods sold and average working capital o Average inventory and cost of goods sold o Average accounts receivable and net sales FEEDBACK 2 / 2 (100.0%) 2. Which of the following factors are used in calculating a company’s number of days’ sa

1. At Teasdale Company, past experience reveals that 20% of sales are for cash and the remaining 80% are on credit. As the accountants at Teasdale Company prepare a cash budget, what will they do with these percentages? o Use the same percentages each month in order to maintain consistency. o Adjust the percentages over time as the company learns about its customers’ payment patterns o Use a higher percentage of credit sales in each month to reflect inflation. o Use a lower percentage of...

Wk 3 – Practice: Topic 9: Assessing How Well Companies ManageTheir Inventories Quick Check

Wk 3 – Practice: Topic 9: Assessing How Well Companies ManageTheir Inventories Quick CheckPoints20:Graded on Mar 05 at 22:00Your Submission:Submission20 / 20 (100.00%)Score:Grade Time:Mar 05 at 22:00Submitted On:Mar 05 at 22:00 1.Which of the following factors are used in calculating a company’s inventory turnover?oNet sales and average inventoryoCost of goods sold and average working capitaloAverage inventory and cost of goods soldoAverage accounts receivable and net sales FEEDBACK2 / 2 (...

1. Under a periodic inventory system, Merchandise inventory is adjusted in two steps because both the beginning and ending inventory figures are needed to prepare the income statement True False 2. Stan Still Stationery Store's employees are paid every Friday for a five day work week and are paid a total of $1,625 per day. If December 31, 2019, is on a Tuesday, the amount of the adjusting entry for accrued wages is: $1,625 $4,875 $3,250 $8,125 3. On September 1, 2019, a firm acc...