Test Bank for Accounting Principles, Eighth Edition5 - 847.Two categories of expenses for merchandising companies area.cost of goods sold and financing expenses.b. operating expenses and financing expenses.c.cost of goods sold and operating expenses.d.sales and cost of goods sold.
48.The primary source of revenue for a wholesaler is
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49.Sales revenue less cost of goods sold is called
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50.After gross profit is calculated, operating expenses are deducted to determine
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51.Cost of goods sold is determined only at the end of the accounting period ina. a perpetual inventory system.b. a periodic inventory system.c.both a perpetual and a periodic inventory system.d.neither a perpetual nor a periodic inventory system.
52.Which of the following expressions isincorrect?
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53.Detailed records of goods held for resale arenotmaintained under a
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