Question 3 question text t f cost of goods sold

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Question 3 Question text (T / F) Cost of goods sold = Beginning inventory + Net cost of purchases − Ending inventory. Select one: True False Feedback The correct answer is 'True'.
Question 4 Question text
(T / F) Beginning inventory + Net cost of purchases = Cost of goods available for sale. Select one:
Question 5 Question text (T / F) A classified income statement has four major sections—operating revenues, cost of goods sold, operating expenses, and non-operating revenues and accounts receivables. Select one:
Question 6 Question text (T / F) Non-operating revenues and expenses are revenues and expenses not related to the sale of products or services regularly offered for sale by a business. Select one:
Question 7 Question text (T / F) The two basic methods for estimating uncollectible accounts under the allowance method are the percentage-of-cost of sales method and the percentage-of-receivables method. Select one: True
False Feedback Correct. The two basic methods for estimating uncollectible accounts under the allowance method are the percentage-of-sales method and the percentage-of-receivables method. The correct answer is 'False'. Question 8 Question text (T / F) Liabilities result from some past transaction and are obligations to pay cash, provide services, or deliver goods at some time in the future. Select one:
Question 9 Question text (T / F) Generally, the lower the accounts receivable turnover, the better; and the shorter the average collection period, the better. Select one:
Question 10 Question text (T / F) Current liabilities are classified as clearly determinable, estimated, and contingent.
True False Feedback Correct. Current liabilities are classified into those three categories. The correct answer is 'True' "Y" Company began the accounting period with $60,000 of merchandise, and net cost of purchases was $240,000. A physical inventory showed $72,000 of merchandise unsold at the end of the period. The cost of goods sold of Y Company for the period is: Select one: a. $300,000. b. None of the above. c. $168,000. d. $252,000. e. $228,000. Correct. The cost of goods sold is computed as follows: Beginning inventory $60,000 + Net cost of purchases 240,000 = Cost of goods available for sale $300,000 - Ending inventory $72,000 = Cost of goods sold $228,000. Feedback The correct answer is: $228,000.

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