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Cost of goods sold: Multiple Choice Is a term only used by service firms. Is another term for merchandise sales. Is also called gross margin.

Cost of goods sold:
Multiple Choice
Is a term only used by service firms.
Is another term for merchandise sales.
Is also called gross margin.
Is the term used for the expense of buying and preparing merchandise for sale.
Is another term for revenue.
The current period's ending inventory is:
Multiple Choice
The current period's beginning inventory.
The prior period's beginning inventory.
The current period's cost of goods sold.
The current period's net purchases.
The next period's beginning inventory.
Sales returns:
Multiple Choice
Refer to customers returning merchandise back to the seller for a refund.
Refer to reductions in the selling price of merchandise sold to customers.
Are not recorded under the perpetual inventory system until the end of each accounting period.
Represent cash discounts.
Represent purchases discounts.
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