QUESTION 67 Beginning Inventory+Net Purchases O Cost of Goods Sold O Cost of Goods Available for Sale Cost of Revenue O Net Income QUESTION 68 Depreciation Expense appears on which financial statement? Balance Sheet Income Statement O Statement of Owner's Equity O Journal QUESTION 69 Accumulated Depreciation appears on which financial statement? OBalance Sheet O Income Statement Ledger O Statement of Owner's Equity QUESTION 70 meet current obligations and represents the margin of security afforded to short term creditors is The fundamental measure of the ability of a company to Current Ratio Quick Ratio Working Capital Capital QUESTION 71 measure in determining a firm's ability to pay current debts and is a good measure of the adequacy of working capital is: A education.org/webapps/assessment/take/launch.jsp?course assessment id-15476 18course id1642 1&content id Remaining Time: 1 hour, 20 minutes, 58 seconds. Question Completion Status: QUESTION 71 A key measure in determining a firm's ability to pay current debts and is a good measure of the adequacy of working capital is O Inventory Turnover Ratio O Current Ratio O Age of Accounts Receivable Profit Margin QUESTION 72 Which of the following is the working capital equation? O Assets-Expenses O Assets Liabilities+Owner's Equity e Current Assets- Current Liabilities O Fixed Assets- Current Liabilities QUESTION 73 Which of the following deal with expensing real and personal property? O Depreciation O Depletion O Amortization QUESTION 74 Which of the following deal with expensing natural resources? O Depreciation O Depletion O Amortization QUESTION 75 Which of the following deal with expensing intangible assets? O Depreciation O Depletion O Amortization QUESTION 76 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Remaining lime: 1 hour, 20 minutes, 38 seconds. Question Completion Status: QUESTION 76 Which of the following methods of Depreciation does not take salvage value into account? O Straight Line Sum of the Years Units of Output Declining Balance QUESTION 77 Which of the following is an accelerated method of depreciation? O Straight Line O Sum of the Years e Units of Output O Specific Identification QUESTION 78 Accumulated Depreciation is a: e Compound account Temporary Account O Pre-Need Account Contra Account QUESTION 79 The method of depreciation that takes cost of an asset less salvage value divided by the number of years in useful life Sum of the Years Straight Line Declining Balance Units of Output QUESTION 80 When using LIFO, the ending inventory is calculated using: most recent purchases oldest purchases Click Save and Submit to save and submit. Click Save All Answers to save all ansuwers. QUESTION 81 When using FIFO the ending inventory is calculated using recent purchases oldest purchases QUESTION 82 The value an asset is expected to have at the end of its useful life is: O Salvage Value O Book Value Capitalized Cost O Specific Identification QUESTION 83 The cost of a fixed asset less its accumulated depreciation is: O Salvage Value Book Value O Depreciation Expense O Specific Identification QUESTION 84 The entry to record the purchase of merchandise for resale for cash is Dr. Cash, Cr. Inventory Dr. Cash, Cr. Merchandise Purchases Dr. Merchandise Purchases, Cr. Cash Dr. Merchandise Purchases, Cr. Accounts Payable QUESTION 85 The entry to record the purchase of merchandise for resale on account is Dr. Cash, Cr. Inventory Dr. Cash, Cr Merchandise Purchases Dr. Merchandise Purchases, Cr Cash Dr. Merchandise Purchases, Cr. Accounts Payable Click Save and Submit to sqve and submit. Click Save All Anstwers to save all answers Question Completion Status: QUESTION 86 The entry to record the payment of a freight charge is: Dr. Cash, Cr. Freight-in Dr. Freight-in, Cr. Cash Dr. Cash, Cr. Inventory Dr. Merchandise Purchaes, Cr. Freight-In QUESTION 87 The entry to record the sale of goods for cash is: Dr. Sales, Cr. Cash Dr. Cash, Cr. Sales Dr. Cash, Cr. Accounts Receivable Dr. Accounts Receivable, Cr. Sales QUESTION 88 The entry to record the sale of goods Dr. Sales, Cr. Cash on account is: Dr. Cash. Cr. Sales Dr. Accounts Receivable, Cr. Sales Dr. Sales Cr. Accounts Receivable QUESTION 89 A retail business made a sale of goods on account with early payment discount options. The customer Dr. A/R. Cr. Cash and Sales Discount Dr. Cash, Cr. A/R O Dr. Cash and Sales Discount, Cr. A/R O Dr. A/R, Cr. Cash QUESTION 90 A retail business returns goods purchased for resale with cash. What is the entry to record this transact Dr. Merchandise Purchases. Cr. Cash Dr Cash. Cr. Merchandise Purchases Dr. Cash Cr. Merchandise Purchases and Returns Allowance Dr. Merchandise Purchases and Returns Allowance. Cr. Cash Click Save and Submit to sqve and submit Cick Save All .ACcOunes ReceivaDlo, Cr Sales- QUESTION 88 The entry to record the sale of goods on account is Dr. Sales, Cr. Cash Dr. Cash Cr. Sales Dr Accounts Receivable, Cr. Sales Dr. Sales Cr Accounts Recelvable QUESTION 89 A retail business made a sale of goods on account wiith early payment discount options. The customer takes advantage of the discount and pays early on the account. What is the entry to record this transaction Dr. A/R Cr Cash and Sales Discount Dr. Cash. Cr. AR O Dr. Cash and Sales Discount, Cr. A/R O Dr AR, Cr. Cash QUESTION 90 tis the entry to record this tran A retail business returns goods purchased for resale wth cash W O Dr. Merchandise Purchases, Cr Cash O Dr. Cash, Cr Merchandise Purchases O Dr. Cash, Cr Merchandise Purchases and Returns Allowance O Dr Merchandise Purchases and Returns Allowance, Cr Cash QUESTION 91 Click Save and Submit to save and submit. Click Save All Answers to save all anscers W Question Completion Status: QUESTION 91 The higher the cost of goods sold, the lower the profit. True False QUESTION 92 The higher the Cost of Goods Sold, the higher the profit. @ True O False QUESTION 93 The lower the Cost of Goods Sold, the higher the profit. True False QUESTION 94 The lower the Cost of Goods Sold, the lower the profit will be. True False QUESTION 95 Beginning inventory is the ending inventory of the previous accounting cycle. True False QUESTION 96 Ending inventory is the beginning inventory of the previous accounting cycle. True False QUESTION 97 The higher the inventory turnover ratio, the more efficient a company is being run True Click Save and Submit to save and submit. Click Save All Answers to save all answers. Remaining Time: 1 hour, 18 minutes, 22 seconds. vQuestion Completion Status: False QUESTION 95 Beginning inventory is the ending inventory of the previous accounting cycle. True False QUESTION 96 Ending inventory is the beginning inventory of the previous accounting cycle. O True False QUESTION 97 The higher the inventory turnover ratio, the more efficient a company is being run. True False QUESTION 98 The IRS allows companies to change inventory methods every year True O False QUESTION 99 Specific Identification is the best method on inventory valuation. True False QUESTION 100 The declining balance method of depreciation requires salvage value to compute each year's expense. True False Click Save and Submit to save and submit. Click Save All Answers to save all answers