quiz+5+and+6_Sakai-1

quiz+5+and+6_Sakai-1 - 1. Wal-Mart is a prime example of...

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1. Wal-Mart is a prime example of which type organization: a. Merchandising concern. b. Manufacturing concern. c. Service organization. d. Limited partnership. 2. Under the perpetual inventory system, purchases of merchandise for sale are recorded in an account called: a. Purchases. b. Cost of goods sold. c. Inventory. d. Finished goods. 3. A purchaser, dissatisfied with merchandise received, may return the goods to the seller for credit. This transaction is known, by the seller, as a: a. Sales return. b. Purchase return. c. Sales allowance. d. Purchase allowance. 4. In a periodic inventory system, the cost of goods sold is determined: a. At the end of the accounting period. b. Each time a sale occurs. c. Each time a purchase occurs. d. None of the above. 5. If a sales invoice shows credit terms of 2/10,n/30, the discount period is: a. 10 days. b. 2 days. c. 30 days. d. cannot be determined from the information given. 6.
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quiz+5+and+6_Sakai-1 - 1. Wal-Mart is a prime example of...

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