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Financial Accounting and Reporting

Financial Accounting and Reporting

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The inventory records for Bradley Sales appear below:

Using the average cost method, what is the cost of goods sold?

$8,610

$2,870

$8,201

$7,500

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Merchandise inventory:

is an expense on the income statement.

is the cost of inventory that has not been sold.

is neither a or b.

is both a and b.

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Inventory turnover:

indicates how rapidly inventory is sold.

is the ratio of cost of goods sold to average inventory.

both a and b.

none of the above

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Cost of goods sold:

will be the same amount when using LIFO or FIFO, during a period of rising prices.

will always be lower when using LIFO rather than FIFO, during a period of rising prices.

is the number of units of inventory purchased multiplied by cost per unit of inventory.

is the number of units of inventory sold multiplied by cost per unit of inventory.

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Listed below are the account balances of the Furr Corporation:

Total Liabilities are:

$201,000.

$188,000.

$324,000.

$311,000.

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Listed below are the account balances of the Furr Corporation:

Total Liabilities are:

$324,000.

$311,000.

$188,000.

$201,000.

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Listed below are the account balances of the Furr Corporation:

Total Liabilities are:

$188,000.

$311,000.

$324,000.

$201,000.

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A doctor purchases medical supplies of $740 and pays $320 cash with the remainder on account. The journal entry for this transaction would be which of the following?

Debit Supplies, Credit Accounts Receivable, Credit Cash

Debit Supplies, Debit Cash, Credit Accounts Payable

Debit Supplies, Debit Accounts Payable, Credit Cash

Debit Supplies, Credit Accounts Payable, Credit Cash

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Which account types normally have a debit balance?

Both Revenues and Expenses

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The list of all accounts with their balances is the

chart of accounts.

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