QUIZ 17 MERCHANDISING

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Which one of the following is not a difference between a retail business and a service business?

1 point

in what is sold

greater number of new accounts

specialized journals

changes in financial statements

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Net income plus operating expenses is equal to

1 point

cost of goods sold

cost of goods available for sale

net sales

gross profit

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Generally, the revenue account for a merchandising business is entitled

1 point

Sales

Net Sales

Gross Sales

Gross Profit

Clear selection

What is the term applied to the excess of net revenue from sales over the cost of merchandise sold?

1 point

gross profit

income from operations

net income

gross sales

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A company using the periodic inventory system has the following account balances: Merchandise Inventory at the beginning of the year, P4,000; Transportation-In, P450; Purchases, P12,000; Purchases Returns and Allowances, P2,300; Purchases Discounts, P220. The cost of merchandise purchased is equal to

1 point

P13,930

P9,930

P9,489

P14,520

Clear selection

A company, using the periodic inventory system, has merchandise inventory costing P140 on hand at the beginning of the period. During the period, merchandise costing P400 is purchased. At year-end, merchandise inventory costing P180 is on hand. The cost of merchandise sold for the year is

1 point

P720

P550

P360

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Expenses that are incurred directly or entirely in connection with the sale of merchandise are classified as

1 point

selling expenses

general expenses

other expenses

administrative expenses

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Office salaries, depreciation of office equipment, and office supplies are examples of what type of expense?

1 point

selling expense

miscellaneous expense

administrative expense

other expense

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The form of income statement that derives its name from the fact that the total of all expenses is deducted from the total of all revenues is called a

1 point

multiple-step statement

revenue statement

report-form statement

single-step statement

Clear selection

Multiple-step income statements show

1 point

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

Clear selection

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