The following selected accountswere taken from the booksof Santos Trading on December 31, 2016: Santos, Capital-P150,000; Loss from Operations-P1,500; Net Sales-P120,000; total Goods Available for Sale-P103,505; Gross Profit-P60,750; Merchandise inventory , Jan 1, 2016-P27,520.

Santos, Capital, December 31 is

Select one:

a. P148,500

b. P150,000

c. P210,750

d. P151,500

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Real accounts

Select one:

a. Decreases Capital

b. Assets, liabilities, Capital

c. Permanent accounts

d. Post-closing Trial Balance

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Odd-man Out.

Choose the letter that does not belong to the group.

Select one:

a. Uncollectible Accounts

b. Rent Expense

c. Depreciation

d. Prepaid Insurance Expense

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FOB destination means the ownership of merchandise passes to the buyer when it reaches its ______.

Select one:

a. Sales discount

b. Inventory

c. Destination

d. Account

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Credit memo is a document that will serve as a basis for crediting a seller's account for returned merchandise.

Select one:

True

False

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The following selected accounts are taken from the ledger ofXYX Merchandisingon June 30, 2017:Sales, P 550,000; Sales Discount, 5%; Gross profit, P209,000; operating expenses, P150,000; merchandise inventory, Jan 1, 2017 , P75,000; merchandise inventory, June 30, 2017, P50,000; Accounts Receivable Jan1, P 70,000; Accounts Receivable, June 30, P50,000.

The cost of sales ratio or cost ratio is

Select one:

a. 40%

b. 62%

c. Answer not given.

d. 60%

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____pertains to the creation of a finished product either by hand or by machine.

Select one:

a. Manufacturing

b. Manufacturing costs

c. Non-manufacturing costs

d. Factory overhead or manufacturing overhead

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Purchases of merchandise on account under periodic inventory system requires a debit to _____account.

Select one:

a. Income

b. Purchases

c. Accounts Payable

d. Asset or Accrued Income

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Meaning of FOB.

Select one:

a. Freight-out

b. Cost of goods sold

c. Free On Board

d. Gross profit ratio

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Cost of transporting goods from seller to the customers.

Select one:

a. Freight-out

b. Free On Board

c. Gross profit ratio

d. Cost of goods sold