Award: 2 out of 2.00 points
ACCT 2301 CHAPTER 5 QUIZ
20 terms by Ijeoma-Danielle
Which of the following best describes
Sales to customers on account.
On July 8, Ray Inc. sold 100 printers to
Oce Rental Company at $600 ea
School of Engineering, Business and Technology
Principles of Financial Accounting
Tuesday, Thursday 11:00AM - 12:20PM,
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Investors and creditors would want to know about the company's resources and their claims
to those resources. We measure resources owned by a company, such as cash,
inventories, supplies, and buildings, as assets. Two parties claim the resources of the
Financial accounting primarily deals with the methods accountants use to provide information
to an organizations internal users.
Correct. Financial accounting measures the business activities of a company and communicates
Binder Corportation statement of Net Income for theYear Ending December 31, 2014
Less cost of goods Sold
Depreciation sales of Equipment
Sales l travel
Final Exam Review - Online Key
2. (1) ($40,000 - $8,000)/4 = $8,000.
(2) $40,000 x 2/4 = $20,000.
(3) ($40,000 - $8,000)/10,000 hours = $3.20 per hour x 2,200 hours = $7,040.
14. Authorized stock