The writer is very fast, professional and responded to the review request fast also. Thank you.
Presentation/PPT
27/08/2022
1) The two main inventory accounting systems are
A purchase and sale.
B cash and accrual.
C perpetual and periodic.
D returns and allowances.
2) What type of income statement reports both gross profit and operating income?
A multi-step income statement
B trial income statement
C single-step income statement
D subtotal income statement
3) The inventory account shows an ending balance of $20,500. An actual count of inventory reveals $20,100 of inventory on hand. The adjusting entry involves
A debit to inventory for $400.
B credit to cost of goods sold for $20,100.
C debit to cost of goods sold for $400.
D credit to inventory for $20,500.
4) Which subtotals appear on a multi-step income statement but do not appear on a single-step income statement?
A gross profit and income from operations
B cost of goods sold and net income
C operating expenses and net income
D net sales and cost of goods sold
5) The income summary account has a $25,000 debit balance after closing the revenue and expense accounts. This balance is closed to the
A sales revenue account.
B owner’s withdrawals account.
C cost of goods sold account.
D owner’s capital account.
6) The income summary account has a $25,000 debit balance after closing the revenue and expense accounts. This balance is closed to the
A sales revenue account.
B owner’s withdrawals account.
C cost of goods sold account.
D owner’s capital account.
7) The inventory account shows an ending balance of $20,800. An actual count of inventory reveals $21,200 of inventory on hand. The adjusting entry involves
A credit to inventory for $20,500.
B credit to cost of goods sold for $20,100.
C debit to cost of goods sold for $400.
D debit to inventory for $400.
8) If an income statement reports both gross profit and operating income, which type of income statement format is used?
A single-step
B multi-step
C trial
D subtotal
The writer is very fast, professional and responded to the review request fast also. Thank you.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more