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Education, Other, Business
11th
grade
Accounting for Merchandising Business
10 questions
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- 1. Multiple Choice
It is a type of business that involves buying and selling of goods
Merchandising Business
Service Business
Manufacturing
- 2. Multiple Choice
It is the product or good that you are selling
Supplies
Cash
Inventory
Prepaid Expense
- 3. Multiple Choice
It is a discount that is not recorded in the books of seller or buyer
Cash Discount
Trade Discount
- 4. Multiple Choice
This type of merchandiser buys inventory in bulk
Wholesaler
Retailer
- 5. Multiple Choice
Under periodic system, purchase of goods is recorded under the account title of
Merchandise Inventory
Sales
Purchases
Purchase Discount
- 6. Multiple Choice
It is used by businesses selling goods with different low-priced items
Perpetual System
Periodic System
- 7. Multiple Choice
It is used by businesses selling high-priced items
Perpetual System
Periodic System
- 8. Multiple Choice
It is the cost of transporting the goods shouldered by the buyer
Freight out
Delivery Expense
Purchases
Freight In
- 9. Multiple Choice
It is the discount that you gave to the buyer of your product
Purchase Discount
Sales Discount
Purchase Returns and Allowances
Sales Returns and Allowances
- 10. Multiple Choice
It is the original cost of the product you have sold
Purchases
Merchandise Inventory
Cost of Goods Sold
Sales
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