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Free Exam: Accounting 12- Chapter 5 all

Number of Questions in Test: 78
Number of Questions in Preview: 5
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Question 1

Using a perpetual inventory system, the respective normal account balances of Merchandise Inventory, Sales Returns and Allowances, and Cost of Goods Sold are

Type: Multiple choice
Points: 1
Randomize answers: Yes

Question 2

The sales revenue section of an income statement for a retailer would not include

Type: Multiple choice
Points: 1
Randomize answers: Yes

Question 3

The operating expense section of an income statement for a wholesaler would not include

Type: Multiple choice
Points: 1
Randomize answers: Yes

Question 4

Income from operations will result if

Type: Multiple choice
Points: 1
Randomize answers: Yes

Question 5

Gross profit for a merchandising concern is net sales minus

Type: Multiple choice
Points: 1
Randomize answers: Yes

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