ChapterracticeMaterials.docx

ChapterracticeMaterials.docx

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ChapterracticeMaterials

Chapter6—AccountingforMerchandisingBusinesses

MULTIPLECHOICE

1.Whichoneofthefollowingisnotadifferencebetweenaretailbusinessandaservicebusiness

a.

inwhatissold

b.

theinclusionofgrossprofitintheincomestatement

c.

accountingequation

d.

merchandiseinventoryincludedinthebalancesheet

ANS:

CDIF:

ModerateOBJ:

06-01

NAT:

AACSBAnalytic|AICPABB-Industry

2.Netincomeplusoperatingexpensesisequalto

a.

costofgoodssold

b.

costofgoodsavailableforsale

c.

netsales

d.

grossprofit

ANS:

DDIF:

EasyOBJ:

06-01

NAT:

AACSBAnalytic|AICPAFN-Measurement

3.Generally,therevenueaccountforamerchandisingbusinessisentitled

a.

Sales

b.

NetSales

c.

GrossSales

d.

GrossProfit

ANS:

ADIF:

EasyOBJ:

06-01

NAT:

AACSBAnalytic|AICPAFN-Measurement

4.Whatisthetermappliedtotheexcessofnetrevenuefromsalesoverthecostofmerchandisesold

a.

grossprofit

b.

incomefromoperations

c.

netincome

d.

grosssales

ANS:

ADIF:

EasyOBJ:

06-01

NAT:

AACSBAnalytic|AICPAFN-Measurement

5.Theterm"inventory"indicates

a.

merchandiseheldforsaleinthenormalcourseof?

business

b.

materialsintheprocessofproductionorheldfor?

production

c.

supplies

d.

both（a）and（b）

ANS:

DDIF:

EasyOBJ:

06-01

NAT:

AACSBAnalytic|AICPAFN-Measurement

6.Acompanyusingtheperiodicinventorysystemhasthefollowingaccountbalances:

MerchandiseInventoryatthebeginningoftheyear,$4,000;Transportation-In,$450;Purchases,$12,000;PurchasesReturnsandAllowances,$2,300;PurchasesDiscounts,$220.Thecostofmerchandisepurchasedisequalto

a.

$13,930

b.

$9,930

c.

$9,489

d.

$14520

ANS:

BDIF:

DifficultOBJ:

06-02

NAT:

AACSBAnalytic|AICPAFN-Measurement

7.Acompany,usingtheperiodicinventorysystem,hasmerchandiseinventorycosting$140onhandatthebeginningoftheperiod.Duringtheperiod,merchandisecosting$400ispurchased.Atyear-end,merchandiseinventorycosting$180isonhand.Thecostofmerchandisesoldfortheyearis

a.

$720

b.

$550

c.

$360

d.

$140

ANS:

CDIF:

DifficultOBJ:

06-02

NAT:

AACSBAnalytic|AICPAFN-Measurement

8.Expensesthatareincurreddirectlyorentirelyinconnectionwiththesaleofmerchandiseareclassifiedas

a.

sellingexpenses

b.

generalexpenses

c.

otherexpenses

d.

administrativeexpenses

ANS:

ADIF:

EasyOBJ:

06-02

NAT:

AACSBAnalytic|AICPAFN-Measurement

9.Officesalaries,depreciationofofficeequipment,andofficesuppliesareexamplesofwhattypeofexpense

a.

sellingexpense

b.

miscellaneousexpense

c.

administrativeexpense

d.

otherexpense

ANS:

CDIF:

EasyOBJ:

06-02

NAT:

AACSBAnalytic|AICPAFN-Measurement

10.Theformofincomestatementthatderivesitsnamefromthefactthatthetotalofallexpensesisdeductedfromthetotalofallrevenuesiscalleda

a.

multiple-stepstatement

b.

revenuestatement

c.

report-formstatement

d.

single-stepstatement

ANS:

DDIF:

EasyOBJ:

06-02

NAT:

AACSBAnalytic|AICPAFN-Measurement

11.Multiple-stepincomestatementsshow

a.

grossprofitbutnotincomefromoperations

b.

neithergrossprofitnorincomefromoperations

c.

bothgrossprofitandincomefromoperations

d.

incomefromoperationsbutnotgrossprofit

ANS:

CDIF:

ModerateOBJ:

06-02

NAT:

AACSBAnalytic|AICPAFN-Measurement

12.Whenthethreesectionsofabalancesheetarepresentedonapageinadownwardsequence,itiscalledthe

a.

accountform

b.

comparativeform

c.

horizontalform

d.

reportform

ANS:

DDIF:

EasyOBJ:

06-02

NAT:

AACSBAnalytic|AICPAFN-Measurement

13.Thestatementofowner'sequityshows

a.

onlynetincome,beginningandendingcapital

b.

onlytotalassets,beginningandendingcapital

c.

onlynetincome,beginningcapital,andwithdrawals

d.

allthechangesintheowner'scapitalasaresultofnetincome,netloss,additionalinvestments,andwithdrawals

ANS:

DDIF:

ModerateOBJ:

06-02

NAT:

AACSBAnalytic|AICPAFN-Measurement

14.Merchandiseinventoryisclassifiedonthebalancesheetasa

a.

CurrentLiability

b.

CurrentAsset

c.

Long-TermAsset

d.

Long-TermLiability

ANS:

BDIF:

EasyOBJ:

06-02

NAT:

AACSBAnalytic|AICPAFN-Measurement

15.Whichaccountisnotclassifiedasasellingexpense

a.

SalesSalaries

b.

Transportation-Out

c.

SalesDiscounts

d.

AdvertisingExpense

ANS:

CDIF:

EasyOBJ:

06-02

NAT:

AACSBAnalytic|AICPAFN-Measurement

16.Theprimarydifferencebetweenaperiodicandperpetualinventorysystemisthata

a.

periodicsystemdeterminestheinventoryonhandonlyattheendoftheaccountingperiod

b.

periodicsystemkeepsarecordshowingtheinventoryonhandatalltimes

c.

periodicsystemprovidesaneasymeanstodetermineinventoryshrinkage

d.

periodicsystemrecordsthecostofthesaleonthedatethesaleismade

ANS:

ADIF:

ModerateOBJ:

06-02

NAT:

AACSBAnalytic|AICPAFN-Measurement

17.Theinventorysystememployingaccountingrecordsthatcontinuouslydisclosetheamountofinventoryiscalled

a.

Retail

b.

Periodic

c.

Physical

d.

Perpetual

ANS:

DDIF:

EasyOBJ:

06-02

NAT:

AACSBAnalytic|AICPAFN-Measurement

18.Whentheperpetualinventorysystemisused,theinventorysoldisshownontheincomestatementas

a.

costofmerchandisesold

b.

Purchases

c.

purchasesreturnsandallowances

d.

netpurchases

ANS:

ADIF:

EasyOBJ:

06-02

NAT:

AACSBAnalytic|AICPAFN-Measurement

19.Whencomparingaretailbusinesstoaservicebusiness,thefinancialstatementthatchangesthemostisthe

a.

BalanceSheet

b.

IncomeStatement

c.

StatementofOwner'sEquity

d.

StatementofCashFlow

ANS:

BDIF:

ModerateOBJ:

06-02

NAT:

AACSBAnalytic|AICPAFN-Measurement

20.Whencomparingaretailbusinesstoaservicebusiness,thefinancialstatementthatchangestheleastisthe

a.

BalanceSheet

b.

IncomeStatement

c.

StatementofOwner'sEquity

d.

StatementofCashFlow

ANS:

CDIF:

ModerateOBJ:

06-02

NAT:

AACSBAnalytic|AICPAFN-Measurement

21.Grossprofitisequalto:

a.

salesplus（salesdiscountsandsalesreturnsandallowances）pluscostofgoodssold

b.

salesplussalesreturnsandallowanceslesssalesdiscountslesscostofgoodssold

c.

salesplussalesdiscountslesssalesreturnsandallowanceslesscostofgoodssold

d.

salesless（salesdiscountsandsalesreturnsandallowances）lesscostofgoodssold

ANS:

DDIF:

ModerateOBJ:

06-02

NAT:

AACSBAnalytic|AICPAFN-Measurement

22.Usingthefollowinginformation,whatistheamountofcostofmerchandisesold

Purchases

$28,000

Purchasesdiscounts

$800

MerchandiseinventoryApril1

6,500

Merchandiseinventory

April30

7,800

Salesreturnsandallowances

750

Sales

57,000

Purchasesreturnsandallowances

1,000

TransportationIn

880

a.

25,780

b.

23,270

c.

31,220

d.

24,020

ANS:

ADIF:

DifficultOBJ:

06-02

NAT:

AACSBAnalytic|AICPAFN-Measurement

23.Usingthefollowinginformation,whatistheamountofgrossprofit

Purchases

$28,000

Purchasesdiscounts

$800

Merchandiseinventory

April1

6,500

Merchandiseinventory

April30

7,800

Salesreturnsand

allowances

750

Sales

57,000

Purchasesreturnsand

allowances

1,000

TransportationIn

880

a.

31,970

b.

30,470

c.

25,780

d.

56,250

ANS:

BDIF:

DifficultOBJ:

06-02

NAT:

AACSBAnalytic|AICPAFN-Measurement

24.Usingthefollowinginformation,whatistheamountofnetsales

Purchases

$28,000

Purchasesdiscounts

$800

Merchandiseinventory

April1

6,500

Merchandiseinventory

April30

7,800

Salesreturnsand

allowances

750

Sales

57,000

Purchasesreturnsand

allowances

1,000

TransportationIn

880

a.

25,780

b.

57,000

c.

57,750

d.

56,250

ANS:

DDIF:

ModerateOBJ:

06-02

NAT:

AACSBAnalytic|AICPAFN-Measurement

25.Usingthefollowinginformation,whatistheamountofmerchandiseavailableforsale

Purchases

$28,000

Purchasesdiscounts

$800

Merchandiseinventory

April1

6,500

Merchandiseinventory

April30

7,800

Salesreturnsand

allowances

750

Sales

57,000

Purchasesreturnsand

allowances

1,000

TransportationIn

880

a.

33,580

b.

30,470

c.

25,780

d.

34,500

ANS:

ADIF:

DifficultOBJ:

06-02

NAT:

AACSBAnalytic|AICPAFN-Measurement

26.Wherearesellingandadministrativeexpensesfoundonthemulti-stepincomestatement

a.

beforegrossprofit

b.

aftersalesandbeforegrossprofit

c.

afternetincomebeforeexpenses

d.

aftergrossprofit

ANS:

DDIF:

ModerateOBJ:

06-02

NAT:

AACSBAnalytic|AICPAFN-Measurement

27.SilverCo.soldmerchandisetoBronzeCo.onaccount,$23,000,terms2/15,net45.Thecostofthemerchandisesoldis$18,500.SilverCo.issuedacreditmemorandumfor$2,500formerchandisereturnedthatoriginallycost$1,900.TheBronzeCo.paidtheinvoicewithinthediscountperiod.Whatisamountofnetsalesfromtheabovetransactions

a.

$20,090

b.

$20,500

c.

$3,490

d.

$23,000

ANS:

ADIF:

DifficultOBJ:

06-02

NAT:

AACSBAnalytic|AICPAFN-Measurement

28.Usingaperpetualinventorysystem,theentrytorecordthesaleofmerchandiseonaccountincludesa

a.

debittoSales

b.

debittoMerchandiseInventory

c.

credittoMerchandiseInventory

d.

credittoAccountsReceivable

ANS:

CDIF:

EasyOBJ:

06-03

NAT:

AACSBAnalytic|AICPAFN-Measurement

29.Whichofthefollowingaccountshasanormaldebitbalance

a.

AccountsPayable

b.

SalesReturnsandAllowances

c.

Sales

d.

InterestRevenue

ANS:

BDIF:

ModerateOBJ:

06-03

NAT:

AACSBAnalytic|AICPAFN-Measurement

30.Merchandi