Finance And Accounting

Question: The sales account and the purchase account should include:
A
only cash sales and purchases of merchandise.

B
only credit sales and credit purchases of merchandise.

C
both cash and credit sales and credit purchases of merchandise.

D
not only merchandise transactions, but also purchases and other assets used in the business.

Note: answer not sure
1. Report
Question: What is accounts payable aging report?
A
a sorting of a company's accounts payable by bill date.

B
a sorting of a company's accounts payable by due date.

C
a sorting of a company's accounts payable by posted date.

D
None of these

Note: answer not sure
1. Report
Question: Refer to the given image: Lynn Lippincott invested land valued at $5,000 in her business. This transaction would be recorded by:
A
1

B
2

C
3

D
4

Note: answer not sure
1. Report
Question: Refer to the given image: Dodd & Co. uses the periodic inventory accounting system. They had the opening inventory of $59,000, the closing inventory of $37,000, and made net purchases of $123,000. Which of the following components should be included in the year-end closing entries prepared by them?
A
1

B
2

C
3

D
4

Note: answer not sure
1. Report
Question: Which of the following best describes the meaning of 'Purchases'?
A
Goods paid for

B
Goods bought for resale

C
Items bought

D
Goods bought on credit

Note: Not available
1. Report
Question: How often can a company change its inventory valuation methodology and still be compliant with GAAP?
A
Once per month

B
Any number of times; there are no rules

C
Once per year, but not every year

D
Never; you decide once and only once.

Note: answer not sure
1. Report
Question: Sorting the accounts Payable into current, 1-30 days past due, 31-60 days past due, and so on, is known as
A
Aging Report

B
Pending Report

C
Payable Report

D
Other Report.

Note: answer not sure
1. Report
Question: The basic sequence in the accounting process can best be described as:
A
Transaction, journal entry, source document, ledger account, trial balance.

B
Source document, transaction, ledger account, journal entry, trial balance.

C
Transaction, source document, journal entry, trial balance, ledger account.

D
Transaction, source document, journal entry, ledger account, trial balance.

Note: answer not sure
1. Report
Question: Of the following account types, which would be increased by a debit?
A
Liabilities and expenses.

B
Assets and equity.

C
Assets and expenses.

D
Equity and revenues.

Note: answer not sure
1. Report
Question: Refer to the given image: Hefty & Co. wants to know the effect of different inventory methods on financial statements. Given below is the information about the opening inventory and purchases for the current year. Sales during the year were 2,700 units at $5.00. If they used the weighted-average method, the gross profit would be:
A
$3,255

B
$3,415

C
$10,245

D
$13,500

Note: answer not sure
1. Report

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Question: The sales account and the purchase account should include:

Question: What is accounts payable aging report?

Question: Refer to the given image: Lynn Lippincott invested land valued at $5,000 in her business. This transaction would be recorded by:

Question: Which of the following best describes the meaning of 'Purchases'?

Question: How often can a company change its inventory valuation methodology and still be compliant with GAAP?

Question: Sorting the accounts Payable into current, 1-30 days past due, 31-60 days past due, and so on, is known as

Question: The basic sequence in the accounting process can best be described as:

Question: Of the following account types, which would be increased by a debit?