Question 1.1. The credit terms of a sale are normally indicated on a(n)
purchase order.
invoice.
bill of lading.
account receivable.
Question 2.2. The difference between sales and cost of merchandise sold for a merchandising business is
sales.
net sales.
gross sales.
gross profit.
Question 3.3. Multiple-step income statements show:
gross profit but not income from operations.
neither gross profit nor income from operations.
both gross profit and income from operations.
income from operations but not gross profit.
Question 4.4. Sometimes a(n) __________ is offered to buyers as a means of encouraging them to pay before the end of the credit period.
accounts receivable
credit card
sales discount
cash sale
Question 5.5. Since merchandise inventory is normally sold within a year, how is it reported on the balance sheet?
As a revenue
As the cost of merchandise sold
It does not appear on the Balance Sheet
As a current asset
Question 6.6. NBC Company had $32,000 in net sales, $15,000 in cost of merchandise sold, $18,000 in operating expenses, and $2,000 in other income. What is NBC Company’s gross profit?
$17,000
$3,000
$1,000
($1,000)
Question 7.7. Generally, the revenue account for a merchandising business is entitled
Sales.
Net Sales.
Gross Sales.
Gross Profit.
Question 8.8. Which of the following would be subtracted from gross profit to reach operating income?
Operating expenses
Other expenses
Income taxes
All of these
Question 9.9. Multiple-step income statements show
gross profit but not net income.
neither gross profit nor net income.
gross profit but not cost of merchandise sold.
gross profit, cost of merchandise sold, income from operations, and net income.
Question 10.10. Inventory shortage is recorded when
merchandise is returned by a buyer.
merchandise purchased from a seller is incomplete or short.
merchandise is returned to a seller.
there is a difference between a physical count of inventory and inventory records.
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