Financial Accounting > QUESTIONS & ANSWERS > Week 4 Acct 212 Quiz (All)
Week 4 Acct 212 Quiz
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Question 1 3 / 3 pts (TCO 4) The financial statements of a merchandising company will show the same accounts as the financial statements of a service company. gross profit after net income on the ... income statement. Correct! inventory as a current asset on the balance sheet. cost of goods sold as an operating expense on the income statement. See Chapter 6. Question 2 3 / 3 pts (TCO 4) Another term for gross profit is gross income. gross sales. Correct! gross margin. gross operating income. See Chapter 6. Question 3 3 / 3 pts (TCO 4) A periodic inventory system is used for inexpensive goods. is not expensive to maintain. does not keep a running record of inventory on hand. Correct! is all of the above. See Chapter 6. [Show More]
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