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1、282 Chapter 6 Accounting for Merchandising Businesses MULTIPLE CHOICE 1 Which one of the following is not a difference between a retail business and a service business a in what is sold b the inclusion of gross profit in the income statement c accounting equation d merchandise inventory included in
2、the balance sheet ANS CDIF ModerateOBJ 06 01 NAT AACSB Analytic AICPA BB Industry 2 Net income plus operating expenses is equal to a cost of goods sold b cost of goods available for sale sales d gross profit ANS DDIF EasyOBJ 06 01 NAT AACSB Analytic AICPA FN Measurement 3 Generally the revenue accou
3、nt for a merchandising business is entitled a Sales b Net Sales c Gross Sales d Gross Profit ANS ADIF EasyOBJ 06 01 NAT AACSB Analytic AICPA FN Measurement 4 What is the term applied to the excess of net revenue from sales over the cost of merchandise sold a gross profit b income from operations inc
4、ome d gross sales ANS ADIF EasyOBJ 06 01 NAT AACSB Analytic AICPA FN Measurement 5 The term inventory indicates a merchandise held for sale in the normal course of business b materials in the process of production or held for production c supplies d both a and b ANS DDIF EasyOBJ 06 01 NAT AACSB Anal
5、ytic AICPA FN Measurement Chapter 6 Accounting for Merchandising Businesses 283 6 A company using the periodic inventory system has the following account balances Merchandise Inventory at the beginning of the year 4 000 Transportation In 450 Purchases 12 000 Purchases Returns and Allowances 2 300 Pu
6、rchases Discounts 220 The cost of merchandise purchased is equal to a 13 930 b 9 930 c 9 489 d 14520 ANS BDIF DifficultOBJ 06 02 NAT AACSB Analytic AICPA FN Measurement 7 A company using the periodic inventory system has merchandise inventory costing 140 on hand at the beginning of the period During
7、 the period merchandise costing 400 is purchased At year end merchandise inventory costing 180 is on hand The cost of merchandise sold for the year is a 720 b 550 c 360 d 140 ANS CDIF DifficultOBJ 06 02 NAT AACSB Analytic AICPA FN Measurement 8 Expenses that are incurred directly or entirely in conn
8、ection with the sale of merchandise are classified as a selling expenses b general expenses c other expenses d administrative expenses ANS ADIF EasyOBJ 06 02 NAT AACSB Analytic AICPA FN Measurement 9 Office salaries depreciation of office equipment and office supplies are examples of what type of ex
9、pense a selling expense b miscellaneous expense c administrative expense d other expense ANS CDIF EasyOBJ 06 02 NAT AACSB Analytic AICPA FN Measurement 284 Chapter 6 Accounting for Merchandising Businesses 10 The form of income statement that derives its name from the fact that the total of all expe
10、nses is deducted from the total of all revenues is called a a multiple step statement b revenue statement c report form statement d single step statement ANS DDIF EasyOBJ 06 02 NAT AACSB Analytic AICPA FN Measurement 11 Multiple step income statements show a gross profit but not income from operatio
11、ns b neither gross profit nor income from operations c both gross profit and income from operations d income from operations but not gross profit ANS CDIF ModerateOBJ 06 02 NAT AACSB Analytic AICPA FN Measurement 12 When the three sections of a balance sheet are presented on a page in a downward seq
12、uence it is called the a account form parative form c horizontal form d report form ANS DDIF EasyOBJ 06 02 NAT AACSB Analytic AICPA FN Measurement 13 The statement of owner s equity shows a only net income beginning and ending capital b only total assets beginning and ending capital c only net incom
13、e beginning capital and withdrawals d all the changes in the owner s capital as a result of net income net loss additional investments and withdrawals ANS DDIF ModerateOBJ 06 02 NAT AACSB Analytic AICPA FN Measurement 14 Merchandise inventory is classified on the balance sheet as a a Current Liabili
14、ty b Current Asset c Long Term Asset d Long Term Liability ANS BDIF EasyOBJ 06 02 NAT AACSB Analytic AICPA FN Measurement Chapter 6 Accounting for Merchandising Businesses 285 15 Which account is not classified as a selling expense a Sales Salaries b Transportation Out c Sales Discounts d Advertisin
15、g Expense ANS CDIF EasyOBJ 06 02 NAT AACSB Analytic AICPA FN Measurement 16 The primary difference between a periodic and perpetual inventory system is that a a periodic system determines the inventory on hand only at the end of the accounting period b periodic system keeps a record showing the inve
16、ntory on hand at all times c periodic system provides an easy means to determine inventory shrinkage d periodic system records the cost of the sale on the date the sale is made ANS ADIF ModerateOBJ 06 02 NAT AACSB Analytic AICPA FN Measurement 17 The inventory system employing accounting records that continuously disclose the amount of inventory is called a Retail b Periodic c Physical d Perpetual ANS DDIF EasyOBJ 06 02 NAT AACSB Analytic AICPA FN Measurement 18 When the perpetual inventory syst
