Accounting IA Ch.6-8
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | Discount for buying in large quantity.
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| show | Merchandise Inventory is credited.
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| show | Informs the seller of the amount the buyer debited their A/P account to the seller for purchase returns. "Hey, we owe you less money!"
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| show | An authorization for the seller to decrease their A/R account for the buyer. "Hey, Joe Blow owes us less money!"
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| What does 2/10, n30 mean? How is it read? | show 🗑
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| show | A balance sheet in a three part downward form.
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| What is an account form? | show 🗑
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| show | Expenses incurred in management of the business. EG office salaries, office supplies, depreciation of office equipment
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| show | Expenses incurred in the direct selling of merchandise. EG advertising expenses, store salaries, delivery fees, depreciation of store equipment and buildings, rent expenses.
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| How is operating income (income from operations) calculated? | show 🗑
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| Why are perpetual systems so widely used? | show 🗑
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| show | By physically counting the inventory at the end of the period.
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| show | Each purchase and sale is recorded in the Merchandise Inventory and Cost of Merchandise Sold accounts.
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| How do you calculate Net Sales? | show 🗑
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| What kind of accounts are Sales R&A and Sales Discounts? How are the accounted for on the income statement? | show 🗑
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| How do you calculate net income? | show 🗑
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| show | Sales-Cost of Merchandise Sold = Gross Profit
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
jilly15
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