What is the term used to the overfill of sales over the expense of products sold? a. Gross profit b. Work c. Net revenue d. Pistol sales

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Sales to customers that use financial institution credit cards such together MasterCard and also Visa room usually recorded by a a. Debit to bank Credit card Sales, debit to credit Card Expense, and also a credit to Sales b. Debit come Cash and also a credit to Sales c. Debit come Cash, credit transaction to credit Card Expense, and a credit to Sales d. Debit come Sales, debit to credit Card Expense, and also a credit transaction to Cash
If the the person who lives is to pay the freight costs of delivering merchandise, delivery terms are declared as a. FOB shipping suggest b. FOB destination c. FOB n/30 d. FOB buyer
Which account is no classified as a selling expense? a. Sales earnings b. Delivery cost c. Expense of items Sold d. Heralding Expense
When the perpetual inventory system is used, the inventory offered is displayed on the revenue statement together a. Price of products sold b. To buy c. Purchases returns and allowances d. Net purchases
Using the following information, what is the quantity of gross profit?Purchases- $32,000Inventory, $5,700(Sept 1st)Admin expense- $910Rent Revenue $1200Selling Expense- $960Inventory- $6370(Sept 30th)Sales- $63000Interest Expense- $1040*hint (Cost of products Sold= list on Sept 1st +purchase - list on Sept 30) a. $25,300 b. $31,670 c. $30,600 d. $62,840
Inventory shrinkage is recorded once a. Merchandise is went back by a buyer b. Was purchased native a seller is incomplete or short c. Goods is went back to a seller d. There is a difference between a physical counting of inventory and inventory records
The main difference between the periodic and also perpetual inventory equipment is the a a. Periodic system determines the list on hand just at the finish of the accounting duration b. Periodic mechanism keeps a document showing the list on hand at all times c. Regular system provides an easy way to identify inventory shrinkage d. Periodic system records the expense of the revenue on the day the sale is made
If merchandise sold on account is went back to the seller, the seller acknowledges the return by issuing a a. Sales invoice b. Purchase invoice c. Credit transaction memo d. Debit memo
The entry to document the return of merchandise native a customer would encompass a a. Debit come Sales b. Credit transaction to Sales c. Debit to customer Refunds Payable d. Debit to approximated Returns Inventory
Which that the adhering to items must not be included in the expense of finishing inventory? a. Purchased systems in transit, shipped FOB shipping suggest b. Purchased units in transit, transport FOB location c. Systems on hand in the warehouse d. Marketed units in transit, no invoiced, and shipped FOB destination
President"s salaries, depreciation that office furniture, and office gives are a. Selling expenses b. Miscellaneous prices c. Governmental expenses d. Inventory expenses
Using the following information, what is the expense of items sold?Purchases-$32,000Inventory- $5700(Sept 1st)Admin expense- $910Rent Revenue-$1200Selling expense-$960Inventory-$6370(Sept 30th)Sales-$63,000Interest Expense-$1040*hint (COGS= inventory ON SEPT 1ST+PURCHASES - inventory ON SEPT 30) a. $32,400 b. $32,670 c. $31,330 d. $38,370
Merchandise is bespeak on November 10; the was is transport by the seller and also the invoice is prepared, dated, and also mailed by the seller top top November 13; the goods is obtained by the the person who lives on November 18; the entry is make in the buyer"s accounts on November 20. The credit period begins v what date? a. November 10 b. November 13 c. November 18 d. November 20
Inventory is classified on the balance sheet as a a. Existing liability b. Existing asset c. Irreversible asset d. Permanent liability




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