Fundamental Financial Accounting Concepts
Quiz 4: Accounting for Merchandising Businesses
Which Accounts Would Affect Gross Margin
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.
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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.
What is the effect of an entry to record the purchase of inventory on account under the perpetual inventory method? A)Total assets increase B)Total liabilities increase C)Total assets are unaffected D)Total assets and total liabilities both increase
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