ch8 accounting practice quiz

ch8 accounting practice quiz - 1. (Points:1)

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1.  (Points: 1)      Which inventory system keeps track of the amount of inventory and cost of goods sold continuously? a. periodic system b. net price method system c. purchases system d. perpetual system   Save Answer     2.  (Points: 1)      When the cost of inventory is recorded assuming the discount available will be taken, the company uses the: a. gross price method b. net price method c. periodic method d. subsidiary ledger method   Save Answer     3.  (Points: 1)      Which of the following entries reflects the use of a periodic inventory system? 
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a. Option A b. Option B c. Option C d. Option D    Save Answer     4.  (Points: 1)      A company, using the net price method, purchased inventory for $3,000 with terms 2/10 net 30. The company  did not pay the bill in time to take advantage of the discount. The cost recorded in the inventory account after  this event would be? a. $3,000 b. $2,940 c. $3,060 d. Not enough data to determine 
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  Save Answer     5.  (Points: 1)      Net pay is equal to: a. Gross pay plus FICA b. Gross pay plus all deductions c. Gross pay minus all deductions d. Gross pay less all deductions plus employer payroll taxes    Save Answer
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This note was uploaded on 03/22/2011 for the course ACCT 2100 taught by Professor Staff during the Fall '10 term at Georgia State University, Atlanta.

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ch8 accounting practice quiz - 1. (Points:1)

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