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MuhammadYousaf
 MuhammadYousaf
posted
Mar 5 2014 
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The periodic expense created by allocating the cost of plant and equipment to the periods in which they are used, representing the expense of using the assets, is called: The matching principle Acc
The periodic expense created by allocating the cost of plant and equipment to the periods in which they are used, representing the expense of using the assets, is called:     The matching principle     Accumulated depreciation     Depreciation     A contra account     An accrued account                                        
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ssets, is called: The matching principle Accumulate...(44 more words & 0 attachments).
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MuhammadYousaf
 MuhammadYousaf
posted
Mar 5 2014 
library
On June 30, 2014, Apricot Co. paid $5,000 cash for management services to be performed over a two-year period. Apricot follows a policy of recording all prepaid expenses in asset accounts at the time
On June 30, 2014, Apricot Co. paid $5,000 cash for management services to be performed over a two-year period. Apricot follows a policy of recording all prepaid expenses in asset accounts at the time of cash payment. On June 30, 2014 Apricot should record:     A credit to a prepaid expense for $5,000.     A debit to a prepaid expense for $5,000.     A debit to an expense for $5,000.     A credit to an expense for $5,000.     A debit to Cash for $5,000.                                        
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period. Apricot follows a policy of recording all prepaid expenses in asset accounts at t...(57 more words & 0 attachments).
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MuhammadYousaf
 MuhammadYousaf
posted
Mar 5 2014 
library
A company earned $2,000 in net income for October. Its net sales for October were $10,000. Its profit margin is: 2% 20% 500% $8,000 200%
A company earned $2,000 in net income for October. Its net sales for October were $10,000. Its profit margin is:     2%     20%     500%     $8,000     200%                                        
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% 20% 500% $8,000 200...(38 more words & 0 attachments).
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MuhammadYousaf
 MuhammadYousaf
posted
Mar 5 2014 
library
Which of the following is the usual final step in the accounting cycle? Preparing a post-closing trial balance. Journalizing transactions. Preparing a work sheet. Preparing the financial statemen
Which of the following is the usual final step in the accounting cycle?     Preparing a post-closing trial balance.     Journalizing transactions.     Preparing a work sheet.     Preparing the financial statements.     Preparing an adjusted trial balance.                                        
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paring a post-closing trial balance. Journalizi...(43 more words & 0 attachments).
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MuhammadYousaf
 MuhammadYousaf
posted
Mar 5 2014 
library
A company has sales of $1,500,000, sales discounts of $102,000, sales returns and allowances of $123,000, shipping charges of $15,000, sales commissions of $34,000, net income totaled $263,500, and c
A company has sales of $1,500,000, sales discounts of $102,000, sales returns and allowances of $123,000, shipping charges of $15,000, sales commissions of $34,000, net income totaled $263,500, and cost of goods sold of $420,000. What is the net sales amount for the period?     $1,521,000     $1,479,000     $1,275,000     $1,500,000     $1,725,000                                        
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,500, and cost of goods sold of $420,000. What is the net sales amo...(53 more words & 0 attachments).
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MuhammadYousaf
 MuhammadYousaf
posted
Mar 5 2014 
library
On July 22, a company that uses the perpetual inventory system purchased merchandise inventory at a cost of $5,250 with credit terms 2/10, net 30. If the company pays for the purchase on August 1, wh
On July 22, a company that uses the perpetual inventory system purchased merchandise inventory at a cost of $5,250 with credit terms 2/10, net 30. If the company pays for the purchase on August 1, what would be the appropriate journal entry?                                         
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a company that uses the perpetual inventory sys...(34 more words & 0 attachments).
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MuhammadYousaf
 MuhammadYousaf
posted
Mar 5 2014 
library
Alpha Company had cash sales of $94,275, credit sales of $83,450, sales returns and allowances of $1,700, and sales discounts of $3,475. Alpha's net sales for this period equal: $174,250 $177,725
Alpha Company had cash sales of $94,275, credit sales of $83,450, sales returns and allowances of $1,700, and sales discounts of $3,475. Alpha's net sales for this period equal:     $174,250     $177,725     $176,025     $172,550     $94,275                                        
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ales of $94,275, credit sales of $83,450, sale...(46 more words & 0 attachments).
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MuhammadYousaf
 MuhammadYousaf
posted
Mar 5 2014 
library
An income statement that includes cost of goods sold as another expense and shows only one subtotal for total expenses is a: Balanced income statement. Multiple-step income statement. Combined inc
An income statement that includes cost of goods sold as another expense and shows only one subtotal for total expenses is a:     Balanced income statement.     Multiple-step income statement.     Combined income statement.     Single-step income statement.     Simplified income statement.                                        
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me statement. Combined income statement. Single-ste...(45 more words & 0 attachments).
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MuhammadYousaf
 MuhammadYousaf
posted
Mar 5 2014 
library
A company's net sales were $676,600, its cost of goods sold was $236,810, and its net income was $33,750. Its gross margin ratio equals: 285.7% 35% 9.6% 5% 65%
A company's net sales were $676,600, its cost of goods sold was $236,810, and its net income was $33,750. Its gross margin ratio equals:     285.7%     35%     9.6%     5%     65%                                        
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ls: 285.7% 35% 9.6% 5% ...(40 more words & 0 attachments).
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MuhammadYousaf
 MuhammadYousaf
posted
Mar 5 2014 
library
The gross margin ratio: Measures a merchandising firm's ability to earn a profit from the sale of inventory. Is a measure of liquidity. Should be greater than 1. Is also called the net profit rat
The gross margin ratio:     Measures a merchandising firm's ability to earn a profit from the sale of inventory.     Is a measure of liquidity.     Should be greater than 1.     Is also called the net profit ratio.     Is also called the profit margin.                                        
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earn a profit from the sale of inventory. Is a...(46 more words & 0 attachments).
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