23 Which of the following shown on a multi-step comment, but not on a single step income A) cost of goods sold grow profil 34 Under the weighted average method, the cont permite red by A) multiplying the cost of goods available for male by ending weighted-wrapped previous accounting period B) dividing the cost of goods wallable for sale by the multiplying the number of units purchased with the weighederage cont D) dividing the cost of goods able for sale by the beginning inventory. 25) Which of the following states that the business should be period to period? A) materiality concept disclosure principle Dj.com 2u on November 1, 2015, Wrens Marched merchandise with cost of $5,000 for FOR destination with payment terms of Weepud tertion of 100 of these merchandise old for 5000 with a cof. www.man November 6. The company received the payment for the balance amount on November 10, 2015 Cate the News A) 57790 Q D 21 WAXS-D, merchandisers of musical instruments, has provided the following details Mars Inventory purchased Mars Freight in 40.000 Mar.13 Purchase retums 60.000 Mar.14 Allowances by vendor 15.000 Mar20 Payment made to vender for purchases on March Credit terms are: 320/85, FOB shipping. Calculate the netcost of inventory purchased assuming that there are no other inventory led trio during the month A) 8725.000 B) 720,000 97820 D) $785,000 * Which of the following is true of a cashmeripes jumal? A) It ignore the miscellaneous cash transactions B) In a cash receipts jumal.cash sales are recorded in the Accounts Receivable column and ha cash receipts joumal collections on account are recorded in the Accounts Receivable DR D) In a cash receipts joumal, the sales for cash will have entries in the Sales Revenue column. 29 sequentially numbered document authoriting a cash payment is known as A) voucher register Bcash register voucher D) Indger folio * 30 cash payments jumal is a special jumal used to con A) only the cash payments by currency B) the net of the cash payments and cash recipes by currency the net of cash payments and cash receipts by check and currency D) cash payments by check and currency. ** 31) The Allowance for Bad Debts has a credit balance of 58.000 before the adjusting entry for bad debt expense. After analyzing the accounts in the accounts receivable subsidiary ledger using the aging method, the company's management estimates that collectible accounts will be $15.000. What will be the amount of bad debts expense reported on the income statement? A) $6.000 B) $24.000 Q15.000 D) 99,000 * 37 For a company to safeguard a businesses and muce the Melhood of fraud and errors, is accounting Information system A) must be flexible to accommodate changes in a business over time. B) must provide adequate control of a business and data should be manual. D) should work smoothly with the business employees 33)The term Freight cul seters to A) transportation consonales 5) transportation costs on purchases costs that are not actually paid in cash D) cont of inventory purchased 23 Which of the following is shown on a multi-step income statement, but not on a single-step income statement? A) cost of goods sold B) net sales revenue C) gross profit D) net income 24) Under the weighted-average method, the cost per unit is determined by: A) multiplying the cost of goods available for sale by the ending weighted-average price of previous accounting period. B) dividing the cost of goods available for sale by the number of units available. C) multiplying the number of units purchased with the weighted-average cost. D) dividing the cost of goods available for sale by the number of units in beginning inventory. * 25) Which of the following states that the business should use the same accounting methods from period to period? A) materiality concept B) consistency principle C) disclosure principle D) conservatism 26) On November 1, 2015, Wrenns Martch sold merchandise with a cost of $5,000 for $10,000, FOB destination, with payment terms of 3/10, 1/40. Wrenns paid transportation costs of $100. Of these, merchandise sold for $3,000(with a cost of $1,500) was returned on November 6. The company received the payment for the balance amount on November 10, 2015. Calculate the Net sales revenue. A) $7790 B) $4790 C) $7,000 D) $6,790 27 WAXS-D, merchandisers of musical instruments, has provided the following details: Mar.5 Inventory purchased $800,000 Mar.8 Freight In 40,000 Mar.13 Purchase returns 60,000 Mar.14 Allowances by vendor 15,000 Mar.20 Payment made to vendor for purchases on March 5 Credit terms are: 3/20, 1/45, FOB shipping. Calculate the net cost of inventory purchased assuming that there are no other inventory related transactions during the month. A) $725,000 B) $740,000 C) $743,250 D) $785,000 * 28Which of the following is true of a cash receipts journal? A) It ignores the miscellaneous cash receipt transactions. B) In a cash receipts journal, cash sales are recorded in the Accounts Receivable CR column and the Cash DR column. C) In a cash receipts journal, collections on account are recorded in the Accounts Receivable DR column and the Cash DR column. D) In a cash receipts journal, the sales for cash will have entries in the Sales Revenue CR column. 29)A sequentially numbered document authorizing a cash payment is known as a: A) voucher register. B) cash register. C) voucher. D) ledger folio. * 30 A cash payments journal is a special journal used to record: A) only the cash payments by currency. B) the net of the cash payments and cash receipts by currency. C) the net of cash payments and cash receipts by check and currency. D) cash payments by check and currency. ** 31) The Allowance for Bad Debts has a credit balance of $9,000 before the adjusting entry for bad debt expense. After analyzing the accounts in the accounts receivable subsidiary ledger using the aging method, the company's management estimates that uncollectible accounts will be $15,000. What will be the amount of bad debts expense reported on the income statement? A) $6,000 B) $24,000 C) $15,000 D) $9,000 * 32) For a company to safeguard a business's assets and reduce the likelihood of fraud and errors, its accounting information system: A) must be flexible to accommodate changes in a business over time. B) must provide adequate controls of a business's assets and data. should be manual. D) should work smoothly with the business's employees. 33)The term "Freight out" refers to: A) transportation costs on sales. B) transportation costs on purchases. C) costs that are not actually paid in cash. D) cost of inventory purchased