1. Which of the following is true of freight in? a. It is an administrative expense. b. It is the transportation cost on purchases. c. It is the transportation cost on sales.

2. A company using the perpetual inventory system purchased inventory worth $25,000 on account with terms of 2/10, n/30. Defective inventory of $2,000 was returned 2 days later and the accounts were appropriately adjusted. If the invoice is paid within 10 days, the amount of the purchase discount that would be available to the company is: a. $460 b. $500 c. $490

3. A balance sheet that lists the assets above the liabilities and stockholders' equity sections is a(n) ________. a. Report form balance sheet b. Account form balance sheet c. Audited form balance sheet

4. Accrued revenue is revenue that ________. a. has been collected and earned b. the business has earned, but not yet collected in cash c. will be collected and earned in the future

5. The time period concept states that ________. a. financial statements can be prepared for specific periods b. companies should record revenue when it has been earned c. expenses incurred during a period should be matched against the revenues of the period

6. A company receives $1,000 for services previously billed to one of its customers. Which of the following entries would be recorded if the company uses accrual basis accounting? a. Debit cash, $1,000 and Credit account receivable, $1,000 b. Debit Cash, $1,000 and Credit Service revenue, $1,000 c. Debit Supplies, $1,000 and Credit Cash, $1,000

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