BL-ACTG-6153-LEC-1926S-FUNDAMENTALS-OF-ACCTG-TP-1B.docx -...

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FUNDAMENTALS OF ACCTGT&P 1B PRELIM TO FINALSCREATED BY JAY VINCENTJUANPRELIM 30/30 Special journals are generally used to record frequently occurring transactions.Select one: True False Question 2CorrectMark 1.00 out of 1.00Flag questionQuestion textWhat journal will you use to record the following transaction:Purchases of merchandise on account.Select one: Question 3Correct Mark 1.00 out of 1.00
Flag question Question textOn March 1, 2017, Mr. A bought 10 units of cell phones with a listed price of P 10,000 each, less 2%, 4%, for resale. Terms of payment: 2/10, n/30. The total sales to be recorded by the supplier isSelect one: Question 4CorrectMark 1.00 out of 1.00Flag questionQuestion text______is a business involving buying goods and selling it in its original form.Select one: Question 5IncorrectMark 0.00 out of 1.00 Flag question
Question textThe merchandise inventory ______is the ratio of cost of goods sold to average merchandise inventory.Select one: a. Merchandise Inventory b. Cost of goods sold or cost of salesc. Turnoverd. Sales discount Question 6CorrectMark 1.00 out of 1.00Flag questionQuestion text_____-is the cost of the merchandise that the merchandiser has sold.Select one: Question 7CorrectMark 1.00 out of 1.00Flag questionQuestion textThe owner of a merchandising business is calledSelect one:
b. Merchandiserc. Traderd. All of these Question 8IncorrectMark 0.00 out of 1.00Flag questionQuestion textOn March 1, 2017, Mr. A bought 10 units of cell phones with a listed price of P 10,000 each, less 2%, 4%, for resale. Terms of payment: 2/10, n/30. Assuming Mr. A paid on March 8, 2017, he will be payingSelect one: Question 9IncorrectMark 0.00 out of 1.00Flag questionQuestion textWhat journal will you use to record the following transaction:Cash sale of merchandise inventory.Select one: a. Purchases Journalb. Cash Payments Journal c. Cash Receipts Journald. General Journal
Question 10IncorrectMark 0.00 out of 1.00Flag questionQuestion textThe following items can be found in the income statement of a merchandising firm exceptSelect one: Question 11CorrectMark 1.00 out of 1.00Flag questionQuestion textPurchases of merchandise for cash is recorded in theSelect one: Question 12Correct Mark 1.00 out of 1.00
Flag question Question text It is a business combining raw materials, labor and overhead to produce finishedgoods to sell.

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