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Accounting Principles Prep Questions With Verified Answers

Accounting Principles Prep
Questions With Verified Answers
Which of the following expressions is incorrect?
Sales revenue - cost of goods sold - Operating expenses = Net
income
Operating expenses - Cost of goods sold = Gross profit
Net income + Operating expenses = Gross profit
Gross profit - Operating expenses = Net income - ANSWER
Operating expenses - Cost of goods sold = Gross profit
Net income - ANSWER gross profit - operating expenses
or
Sales revenue - cost of goods sold - Operating expenses
Gross profit - ANSWER Net income + Operating expenses =
Which of the following items will not result in an adjustment to the
inventory account balance under a perpetual system?
1) A return of merchandise inventory to the supplier
2) A purchase of merchandise
3) Payment of freight costs for goods received from a supplier
4) Payment of freight costs for goods shipped to a customer -
ANSWER 4) Payment of freight costs for goods shipped to a
customer
Marigold Corp. sells merchandise on account for $1300 to
Sheffield Company with credit terms of 2/10, n/30. Sheffield
Company returns $150 of merchandise that was damaged, along
with a check to settle the account within the discount period. What
is the amount of the check?
$1124
$1076
$1127
$1075 - ANSWER $1127
At the beginning of the year, Bridgeport had an inventory of
$390000. During the year, the company purchased goods costing
$1150000. If Bridgeport reported ending inventory of $300000
and sales of $1880000, their cost of goods sold and gross profit
rate would be
1) $1240000 and 66%.
2) $850000 and 65.96%
3) $1240000 and 34.04%.
4) $1030000 and 34%. - ANSWER $1240000 and 34.04%.
(Beginning inventory + purchased goods - ending inventory =
COGS), then COG

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Specifications

Level: University
School: Chamberlain College Of Nursing
Course: NURSING
Year of study: 2023/2024
Document
Section: Examinations
Made on: 01-25-2024
Type: .pdf
Pages: 11
Language: English
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Accounting Principles Prep Questions With Verified Answers Accounting Principles Prep Questions With Verified Answers

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