题目内容

The cost of inventory that is still on hand is called:

A. cost of goods sold, an expense that appears on the balance sheet.
B. inventory, a long-term asset that appears on the balance sheet.
C. inventory, a current asset that appears on the balance sheet.
D. purchases, an asset that appears on the balance sheet.

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Sales revenue is based on the of the inventory, while cost of goods sold is based on the of the inventory.

A. cost, selling price
B. cost, cost
C. selling price, retail price
D. selling price, cost

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The inventory system that uses computer software to keep a running record of inventory on hand is the:

A. cost of goods sold inventory system.
B. periodic inventory system.
C. perpetual inventory system.
D. hybrid inventory system.

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Which of the following is NOT used to determine the cost of net purchases?

A. Freight-out
B. Freight-in
C. Purchase returns
D. Purchase discounts

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Using a perpetual inventory system, what journal entry(ies) is(are) prepared when two units of merchandise are sold on account?

A. debit Accounts Receivable and credit Sales Revenue only
B. debit Cash and credit Sales Revenue only
C. debit Accounts Receivable and credit Sales Revenue; debit Cost of Goods Sold and credit Inventory
D. debit Accounts Receivable and credit Sales Revenue; debit Inventory and credit Cost of Goods Sold

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The cost of inventory that is still on hand is called:

A. cost of goods sold, an expense that appears on the balance sheet. B. inventory, a long-term asset that appears on the balance sheet. C. inventory, a current asset that appears on the balance sheet. D. purchases, an asset that appears on the balance sheet.

Sales revenue is based on the ________ of the inventory, while cost of goods sold is based on the ________ of the inventory.

The inventory system that uses computer software to keep a running record of inventory on hand is the:

Which of the following is NOT used to determine the cost of net purchases?

Using a perpetual inventory system, what journal entry(ies) is(are) prepared when two units of merchandise are sold on account?

A. cost of goods sold, an expense that appears on the balance sheet.
B. inventory, a long-term asset that appears on the balance sheet.
C. inventory, a current asset that appears on the balance sheet.
D. purchases, an asset that appears on the balance sheet.

Sales revenue is based on the of the inventory, while cost of goods sold is based on the of the inventory.