Fundamental Financial Accounting Concepts
Quiz 4: Accounting for Merchandising Businesses
Which Accounts Would Appear on the Balance Sheet
Which accounts would appear on the balance sheet? A)Account numbers 1,2,4,and 5. B)Account numbers 1,3,7,and 8. C)Account numbers 1,2,and 6. D)Account numbers 3,4,8,and 9.
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Which accounts would affect gross margin? A)Account numbers 2 and 9. B)Account numbers 3 and 9. C)Account numbers 3,4,7,and 9. D)Account numbers 3,7,8 and 9.
Which accounts would affect operating income? A)Account numbers 2,4,and 9. B)Account numbers 3,5,7,and 9. C)Account numbers 3,4,7,and 9. D)Account numbers 3,4,7,8 and 9.
When using a perpetual inventory system,which of the following events is an asset use transaction? A)Paid cash to purchase inventory. B)Paid cash for transportation-out costs. C)Purchased inventory on account. D)Paid cash for transportation-in costs.
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