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Multiple Choice ldentify the letter of the choice that best completes the statement or answers the question 1. 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. 2. income from operations net income gross sales c. d 3. Multiple-step income statements show gross profit but not income from operations a b. neither gross profit nor income from operations both gross profit and income from operations c. d. income from operations but not gross profit 4. Merchandise inventory is classified on the balance sheet as a a Current Liability b. Current Asset c. Long-Term Asset d. Long-Term Liability 5. The inventory system employing accounting records that continuously disclose the amount of inventory is called a retail b. periodic c. physical d perpetual Which of the following accounts has a normal debit balance? a Accounts Payable 6. b. Sales Returns and Allowances c. Sales d. Interest Revenue 7. Merchandise is ordered on November 12; the merchandise is shipped by the seller and the invoice is prepared, dated, and mailed by the seller on November 15; the merchandise is received by the buyer on November 17; the entry is made in the buyer's accounts on November 18. The credit period begins with what date? a November 12 b. November 15 c. November 17 d. November 18 8. The arrangements between buyer and seller as to when payments for merchandise are to be made are called a credit terms b. net cash cash on demand c. d. gross cash