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A Moving to another question will save this response. Question 1 What is the primary difference between a merchandiser compared to a service provider? A merchandiser includes the collection of cash from customers. A merchandiser primarily sells inventory A merchandiser includes sales to customers. There are no differences between merchandiser compared to a service provider. Moving to another question will save this response. A Moving to another question will save this response. Question 2 A well-run inventory system counts inventory only on an as-needed basis. never writes off missing inventory items. O willfully count inventory at least every year and perform cycle counts as needed. always relies entirely on paperwork to substantiate costs. A Moving to another question will save this response. Question 3 Which of the following statements is true for an invoice that has credit terms of 1/10, net 45? If payment is made within 10 days, a 1% discount is taken, otherwise payment is due in 45 days. If payment is made within 45 days, a 10% discount is taken If payment is made, a 10% discount is taken If payment is made within 55 days, an 11% discount is taken A Moving to another question will save this response. Books A Moving to another question will save this response. Question 4 Which of the following is a correct interpretation of FOB destination? Shipping is free for the supplier Ownership is transferred when the product leaves the shipping point. Ownership is transferred when the product is delivered Shipping is paid by the purchaser. A Moving to another question will save this response. Question 5 Inventory shrinkage is the term used for the difference between the expected amount of inventory and the inventory count. is calculated when counting inventory. O requires an adjusting entry. All listed items are correct. Moving to another question will save this response. A Moving to another question will save this response. Question 6 Which of the following is the formula for gross profit percentage? Beginning Inventory + Purchases Goods available for Sale - Ending Inventory Sales Revenues - Operating Expenses (Sales Revenues - Cost of Goods Sold) divided by Sales Revenues A Moving to another question will save this response. 6.5 Question 7 What is the primary difference between the Single-Step Income Statement and the Multi-Step Income Statement? The Multi-Step is used for multiple years, while the Single-Step is used for one years. The Multi-Step groups assets and liabilities together for a simple calculation of income. The Multi-Step calculates gross profit because it is important The Single-Step utilizes categories for improved analysis. & Que Movine to another question will save this response Question 8 Which of the following principles/concepts prevents a company from changing inventory methods every year? Disclosure Principle No listed item is correct. Materiality Conservatism Moving to another question will save this response. Question 9 6.5 Specific identification is an inventory costing method used when a company does not have the ability to track items, making LIFO and FIFO impossible. that is not allowed by GAAP. that always returns a lower inventory and income amount during periods of rising prices. in which companies records the cost of each specific item and use it for the expense when the item is sold. Question 10 Which of the following is the formula for cost of goods? Beginning inventory - ending inventory Beginning inventory - purchases + ending inventory Beginning inventory purchases - ending inventory Beginning inventory + purchases + ending inventory