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Financial and Managerial Accounting: The Basis for Business Decisions, 12/e
Jan R. Williams, University of Tennessee
Susan F. Haka, Michigan State University
Mark S. Bettner, Bucknell University
Robert F. Meigs
Accounting for Merchandising Activities
True/False Quiz
Please answer all questions
1
The income statement of a wholesaler includes a deduction from revenue representing the cost of goods sold.
A)
True
B)
False
2
In a perpetual inventory system, every credit sale affects the balances of at least four general ledger accounts.
A)
True
B)
False
3
A company that sells a low volume of high-cost merchandise is more likely to use a perpetual inventory system than is a company that sells a high volume of low-cost merchandise.
A)
True
B)
False
4
The gross profit rate is equal to net sales expressed as a percentage of average total assets.
A)
True
B)
False
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