Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Generally, the revenue account for a merchandising business is entitled a. Sales b. Net Sales c. Gross Sales d. Gross Profit What is the term

Generally, the revenue account for a merchandising business is entitled

a.

Sales

b.

Net Sales

c.

Gross Sales

d.

Gross Profit

What is the term applied to the excess of net revenue from sales over the cost of merchandise sold?

a.

gross profit

b.

income from operations

c.

net income

d.

gross sales

Expenses that are incurred directly or entirely in connection with the sale of merchandise are classified as

a.

selling expenses

b.

general expenses

c.

other expenses

d.

administrative expenses

Office salaries, depreciation of office equipment, and office supplies are examples of what type of expense?

a.

selling expense

b.

miscellaneous expense

c.

administrative expense

d.

other expense

The inventory system employing accounting records that continuously disclose the amount of inventory is called

a.

retail

b.

periodic

c.

physical

d.

perpetual

Step by Step Solution

3.46 Rating (156 Votes )

There are 3 Steps involved in it

Step: 1

Answer Generally the the revenue account for merchandise business is entitled as A Sales I... 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_2

Step: 3

blur-text-image_3

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

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

More Books

Students also viewed these Accounting questions

Question

Explain why violence is not a fact of life.

Answered: 1 week ago