sample+exam+3 - ACCT 2101 Financial Accounting Sample Exam...

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ACCT 2101 Financial Accounting Sample Exam 3 Part I: Multiple Choice Answers 1. _____ 6. _____ 2. _____ 7. _____ 3. _____ 8. _____ 4. _____ 9. _____ 5. _____ 10. _____ 1
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I. Multiple choices: Choose the one best answer for each of the following questions. Please write your answers in the space provided on the cover page. 1) A merchandiser will earn exactly $0 income from operations when a. net sales equals cost of goods sold. b. cost of goods sold equals gross profit. c. operating expenses equal net sales. d. gross profit equals operating expenses. 2) A perpetual inventory system would most likely be used by a(n) a. jewelry store. b. hardware store. c. drugstore. d. convenience store. 3) Indicate which one of the following would not appear on both a single-step income statement and a multiple-step income statement. a. Gross profit b. Operating expenses c. Sales revenues d. Cost of goods sold 4) When a perpetual inventory system is used, which of the following is a purpose of taking a physical inventory? a. To check the accuracy of the perpetual inventory records b. To determine cost of goods sold for the accounting period c. To compute the inventory turnover ratio d. All are a purpose of taking a physical inventory when a perpetual inventory system is used. 5)
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This note was uploaded on 11/16/2010 for the course ACCT 2101 taught by Professor Turner during the Spring '08 term at Georgia Institute of Technology.

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sample+exam+3 - ACCT 2101 Financial Accounting Sample Exam...

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