Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

5) Acustomer uses their better life Gym credit card to charge a treadmilla Better Life Gym The is $ 1.000 and the interest charge is

image text in transcribed
image text in transcribed
image text in transcribed
5) Acustomer uses their better life Gym credit card to charge a treadmilla Better Life Gym The is $ 1.000 and the interest charge is 18% per annum If the bill not paid in 30 days. The custo to pay the bill within 30 days and interest e d to the customers account. What is the moon interest a) S 30 b) S 15 c) $180 d) $6 6) in a perpetual inventory system using the carnings approach, cost of goods sold is recorded a) on a daily basis. b) at the end of the accounting period. c) on an annual basis. d) with each sale. 7) A company purchased Inventory as follows: 200 units at S 9 300 units at $ 10 The weighted average unit cost for Inventory is a) $ 9.00. b) $ 9.50. c) S 9.60. d) $ 10.00 8) Water Inc. maintains a petty cash fund with a balance of $100. A disbursement of $10 from the fund for postage is recorded as an expense in the accounting records a) at the time the cash is taken from the fund. b) when the postage is used. c) when the petty cash fund is replenished. d) when the adjusting entries are prepared at year end. Scanned with CamScanner Internal auditors a) are hired by OPA firms to audi business forms. b) are employees of the Canada Revenue Agency who evaluate companies filing tax returns. c) evaluate valuate the system of internal controls for the companies that employ them d) cannot evaluate the system of internal con they are not independent. nue Agency who evaluate the internal controls of system of internal controls of the company that employs them because A company that sells goods to customers is known as a a) proprietorship. b) corporation. c) merchandising company. d) service company 3) If goods in transit are shipped FOB destination, a) the seller has legal title to the goods until they are delivered. b) the buyer has legal title to the goods when a public carrier accepts the goods from the seller. c) the buyer is responsible for paying the shipping charges. d) no one has legal title to the goods until they are delivered. 4) The retailer considers VISA and MasterCard sales as a) cash sales. b) promissory sales. c) credit sales. d) contingent sales. Ics Scanned with CamScanner 9) GST/HST paid on the purchase of inventory is an additional cost that must be absorbed by the merchandise company b) not included in Inventory because it is recoverable. statement. y recorded as an operating expense on the income statemer d) recorded as additional freight costs and included in ional freight costs and included in the calculation of the cost of goods sold. 10) evidenced by a formal Instrument of credit is an) The receivable that is usually evidenced by a formal Instrument a) trade receivable. b) note receivable. c) accounts receivable. d) note payable. 11) ir ending inventory is overstated in 2021. and no further errors are made in 2022, then prom be a) overstated in 2021 and understated in 2022. b) understated in 2021 and overstated in 2022. c) overstated in both 2021 and 2022. d) overstated in 2021 and correct in 2022. 12) Revaluation of inventories to net realizable value should occur a) only if the amount is material. b) at year end only. c) in the period during which the decline occurs. d) at management's discretion. CamScanner

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Understand Accounting

Authors: Claude Hitching, Derek Stone

1st Edition

0273018833, 978-0273018834

More Books

Students also viewed these Accounting questions