Chap 5 - 7 Pretest (New) - 23rd Student

Chap 5 - 7 Pretest (New) - 23rd Student - Chapter 5-7...

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Chapter 5-7 pretest 1. The primary ledger containing all the balance sheet and income statement accounts is the a. general ledger b. creditors ledger c. customers ledger d. subsidiary ledger 2. Every controlling account must have its own a. revenue ledger b. general ledger c. subsidiary ledger d. journal 3. What is the term applied to the excess of net revenue from sales over the cost of merchandise sold? a. gross profit b. income from operations c. net income d. gross sales 4. Expenses that are incurred directly or entirely in connection with the sale of merchandise are classified as a. selling expenses b. general expenses c. other expenses d. administrative expenses 5. Multiple-step income statements show a. gross profit but not income from operations b. neither gross profit nor income from operations c. both gross profit and income from operations d. income from operations but not gross profit 6. Merchandise inventory is classified on the balance sheet as a a. Current Liability b. Current Asset c. Long-Term Asset d. Long-Term Liability
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7. The inventory system employing accounting records that continuously disclose the amount of
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Chap 5 - 7 Pretest (New) - 23rd Student - Chapter 5-7...

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