QUESTION 1 Select the asset accounts from the list. Preferred Stock Cash Inventory Marketable Securities Investments Bank Notes QUESTION 2 The difference between revenues achieved and expenses incurred is: Gross Margin Net Income Net Loss Net Income Before Tax QUESTION 3 All of the following are revenue accounts except Fees Gross Profit Interest Revenue Sales QUESTION 4 The asset section of the balance sheet is arranged in order of: liquidity profitability highest balance first lowest balance QUESTION5 Revenue is always the same as receiving the cash for products and services. s True False QUESTION 6 What is the portion of prior capital expencitures that has been allocated to the current year and is recorded? Cost of Goods Sold Federal Income Tax Depreciation Expense Cash Dividends QUESTION7 The income staternent account that states the cost of purchasing goods that are sold to a customer? Revenue Fixed Cost Cost of Goods Sold Gross Margin QUESTION8 A 5 year fixed asset was purchased on Jan 1 of Year 1 and immediately placed into service. The cost was $5,000 and had no salvage value. What is the Net Book Value at the end ofyear 1 using straight line depreciation? QUESTIONS9 Calculate the Net Income given the following Information Revenue: $6000 Gross Margin Percentage: 20% G&E expenses: $850 Depreciation Expense: $195 QUESTION 10 Units Cost Inventory, Jan 1 8000 $11 Purchase June 21 13000 $12 Purchase Dec 21 5000 $13 If 11000 units are on hand at the end of the year, what is the cost of ending inventory using LIFO inventory system