FIRST SUMMATIVE TEST (PART1)

1. Are revenues derived from the sale of goods in a merchandising

2. Are accounts that decrease the sales account

3. Are accounts in the general ledger that do not close at the end of the accounting year because there are balances retained in the account

4. These are the end products of the accounting system in any company for one operating cycle.

5. Are assets of an entity that can be converted within one year of the normal operating cycle of business.

6. Are income generated from the primary operations of the business

7. It is one of the most common current assets

8. Are assets of an entity that are not likely to be realized within a year.

9. Form of SFP which is also known as vertical balance which consists of one column

10. Are accounts that decrease the purchase account

11. Sales 750,000.00 Sales Returns and Allowances 15,000.00 Sales Discounts 10,000.00 Purchases 170,000.00 Purchase Returns and Allowances 20,000.00 Transportation In 30,000.00 Selling Expenses 75,000.00 General & Administrative Expenses 275,000.00 In addition, beginning merchandise inventory was 55,000.00 and ending inventory was 35,000.00 What is the Net Sales for the period?

12. Sales 750,000.00 Sales Returns and Allowances 15,000.00 Sales Discounts 10,000.00 Purchases 170,000.00 Purchase Returns and Allowances 20,000.00 Transportation In 30,000.00 Selling Expenses 75,000.00 General & Administrative Expenses 275,000.00 In addition, beginning merchandise inventory was 55,000.00 and ending inventory was 35,000.00 Net purchases for the period were?

13. Sales 750,000.00 Sales Returns and Allowances 15,000.00 Sales Discounts 10,000.00 Purchases 170,000.00 Purchase Returns and Allowances 20,000.00 Transportation In 30,000.00 Selling Expenses 75,000.00 General & Administrative Expenses 275,000.00 In addition, beginning merchandise inventory was 55,000.00 and ending inventory was 35,000.00 How much is the cost of goods sold for the period?

14. Sales 750,000.00 Sales Returns and Allowances 15,000.00 Sales Discounts 10,000.00 Purchases 170,000.00 Purchase Returns and Allowances 20,000.00 Transportation In 30,000.00 Selling Expenses 75,000.00 General & Administrative Expenses 275,000.00 In addition, beginning merchandise inventory was 55,000.00 and ending inventory was 35,000.00 What is the gross sales?

15. Sales 750,000.00 Sales Returns and Allowances 15,000.00 Sales Discounts 10,000.00 Purchases 170,000.00 Purchase Returns and Allowances 20,000.00 Transportation In 30,000.00 Selling Expenses 75,000.00 General & Administrative Expenses 275,000.00 In addition, beginning merchandise inventory was 55,000.00 and ending inventory was 35,000.00 Compute for the total purchases?