MULTIPLE CHOICE:

1) Which of the following accounts/captions are not included in the calculation of Gross Profit?

a) General and Selling Expenses.

b) Cost of Goods Sold.

c) Net Sales.

d) All of these accounts/captions are included in the calculation of Gross Profit.

2) Bluestar University has a fiscal year that ends on June 30. The 2019 summer session of the university runs for 60 days from June 11 through August 9.

Total tuition paid by students for the summer session amounted to $240,000. How much revenue should be reflected in the fiscal year ended June 30, 2019?

3) Which of the following is not a category of financial statement ratios?

a) Financial leverage.

b) Liquidity.

c) Profitability.

d) Marketability.