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MULTIPLE CHOICE 1.In the vizoring cycle, the last step is a.preparing the financial statements b.journalizing and posting the adjusting entries c.preparing a post- finis trial balance d.journalizing and posting the closing entries autonomic nervous musical arrangement:CDIF:ModerateOBJ:04-01 NAT:AACSB analytical | AICPA FN-Measurement 2.Which unmatchable of the following is not a difference between a retail agate line and a service business? a.in what is sell b.the inclusion of perfect(a) profit in the income statement c.accounting equation d. swop inventory include in the balance bed sheet autonomic nervous system:CDIF:ModerateOBJ:05-01 NAT:AACSB analytic | AICPA BB-Industry 3.Net income plus operating expenses is equal to a.cost of intersection exchange b.cost of goods available for sale c.net sales d. porcine profit autonomic nervous system:DDIF: light-headedOBJ:05-01 NAT:AACSB uninflected | AICPA FN-Measurement 4.Merchandise inventory is classified on the balance sheet as a a. underway Liability b.Current plus c.Long-Term Asset d.Long-Term Liability ANS:BDIF:EasyOBJ:05-02 NAT:AACSB analytical | AICPA FN-Measurement 5.Generally, the revenue enhancement account for a merchandising business is authorize a. sales b.Net Sales c.Gross Sales d.Gross Profit ANS:ADIF:EasyOBJ:05-01 NAT:AACSB Analytic | AICPA FN-Measurement 6.

What is the term applied to the superfluity of net revenue from sales over the cost of merchandise sold? a.gross profit b.income from operations c.net income d.gross sales ANS:ADIF:EasyOBJ:05-01 NAT:AACSB Anal ytic | AICPA FN-Measurement 7.The term in! ventory indicates a.merchandise held for sale in the expression line of business of business b.materials in the process of output signal or held for production c.supplies d. some(prenominal) (a) and (b) ANS:DDIF:EasyOBJ:05-01 NAT:AACSB Analytic | AICPA FN-Measurement 8. The inventory system employing accounting records that endlessly disclose the amount of inventory is called a.retail b.periodic c....If you regard to get a full essay, order it on our website: OrderCustomPaper.com

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