Retail firms purchase products and resell the products without altering the products.

Select one:

a.

True

b.

False

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Question 2

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A time in which the merchandise is being transported from the seller to the buyer is called

Select one:

a.

Cost of goods sold

b.

Gross sales

c.

Goods in transit

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The expanded accounting equation breaks down the equity portion of the accounting equation into more detail.

Select one:

a.

True

b.

False

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The unadjusted trial balance may have incorrect balances in some accounts.

Select one:

a.

True

b.

False

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Notes Receivable is value of amounts borrowed that will be paid in the future with interest.

Select one:

a.

True

b.

False

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Account balance that is contrary to the expected normal balance of that account

Select one:

a.

Chart of accounts

b.

Abnormal balance

c.

Normal balance

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A fiscal year considers financial information for a company for the time period of January 1 to December 31 on a specific year.

Select one:

a.

True

b.

False

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T-account is graphic representation of a general ledger account in which each account is visually split into left and right sides.

Select one:

a.

True

b.

False

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If the retailer does not pay within the discount window, they do not receive a discount but are still required to pay at the end of the term.

Select one:

a.

The full invoice price

b.

Half price of the invoice

c.

None of the above

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Question 10

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Which term shows the organizations financial performance for a given period of time.

Select one:

a.

10-column worksheet

b.

Statement of retained earnings

c.

Income statement