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ACC 556 WEEK 3 CHAPTER 5 HOMEWORK

ACC 556 WEEK 3 CHAPTER 5 HOMEWORK

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Author: Christine Farr
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·       QUESTION 1

1 out of 1 points
 
 
 
An advantage of using the periodic inventory system is that it requires less record keeping than the perpetual inventory system.

 
 
 
 
 
 
 
·       QUESTION 2

1 out of 1 points
 
The terms 2/10, net/30 mean that a 2 percent discount is allowed on payments made within the 10 days discount period.

 
 
 
 

 
 
 
·       QUESTION 3

1 out of 1 points
 
 
 
Sales allowances and Sales discounts are both designed to encourage customers to pay their accounts promptly.

 
 
 
 
 
 
 
·       QUESTION 4

0 out of 1 points
 
 
 
Freight-out appears as an operating expense in the income statement.

 
 
 
 
 
 
 
·       QUESTION 5

1 out of 1 points
 
With the periodic inventory system, goods available for sale must be calculated before cost of goods sold.

 
 
 
 
 

 
 
 
·       QUESTION 6

1 out of 1 points
 
 
 
Merchandising companies that sell to retailers are known as

 
 
 
 
 
 
 
·       QUESTION 7

0 out of 1 points
 
The primary source of revenue for a wholesaler is

 
 
 
 
 

 
 
 
·       QUESTION 8

0 out of 1 points
 
 
 
Which of the following is a true statement about inventory systems?

 
 
 
 
 
 
 
·       QUESTION 9

1 out of 1 points
 
 
 
Which of the following items does not result in an adjustment in the merchandise inventory account under a perpetual system?

 
 
 
 
 
 
 
·       QUESTION 10

1 out of 1 points
 
 
 
Farwell Company purchased merchandise with an invoice price of $2,000 and credit terms of 1/10, n/30. Assuming a 360 day year, what is the implied annual interest rate inherent in the credit terms?


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