Solved

Match the Items Below by Entering the Appropriate Code Letter

Question 273

Matching

Match the items below by entering the appropriate code letter in the space provided.

Premises:
Provides support for a credit sale.
Requires a physical count of goods on hand to compute cost of goods sold.
An account that is offset against a revenue account on the income statement.
Specifies the amount of cash discount and time period during which it is offered.
Sales less sales returns and allowances and sales discounts.
A cash discount claimed by a buyer for prompt payment of a balance due.
Net sales less cost of goods sold.
A reduction given by the seller for prompt payment of a credit sale.
Gross profit divided by net sales.
Freight cost to deliver goods to customers reported as an operating expense.
Responses:
Contra revenue
Purchase discount
Sales invoice
Net sales
Periodic inventory system
Gross profit
Gross profit rate
Freight-out
Credit terms
Sales discount

Correct Answer:

Provides support for a credit sale.
Requires a physical count of goods on hand to compute cost of goods sold.
An account that is offset against a revenue account on the income statement.
Specifies the amount of cash discount and time period during which it is offered.
Sales less sales returns and allowances and sales discounts.
A cash discount claimed by a buyer for prompt payment of a balance due.
Net sales less cost of goods sold.
A reduction given by the seller for prompt payment of a credit sale.
Gross profit divided by net sales.
Freight cost to deliver goods to customers reported as an operating expense.
Related Questions

Q161: Comprehensive income under IFRS
A)includes unrealized gains and

Q172: Inventories are defined by IFRS as
A)held-for-sale in

Q174: For the income statement, IFRS requires
A)single-step approach.
B)multiple-step

Q175: Under GAAP, companies generally classify income statement

Q177: Under IFRS, companies must classify income statement

Q263: Under IFRS, companies can choose which inventory

Q266: The use of IFRS results in more

Q269: Under GAAP, companies can choose which inventory

Q270: Companies cannot use the
A) periodic inventory system

Q271: Under IFRS, companies can apply revaluation to
A)

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents