=================================================== ACC 556 Chapter 5 Quiz( 100 % Score)
=================================================== ACC 556 Chapter 5 Quiz( 100 % Score)
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Chapter 5 Quiz Question 1
An advantage of using the periodic inventory system is that it requires less record keeping than the perpetual inventory system. Question 2
The terms 2 / 10, net / 30 mean that a 2 percent discount is allowed on payments made within the 10 days discount period. Question 3 Sales allowances and Sales discounts are both designed to encourage customers to pay their accounts promptly. Question 4 Freight-out appears as an operating expense in the income statement. Question 5
With the periodic inventory system, goods available for sale must be calculated before cost of goods sold. Question 6
Merchandising companies that sell to retailers are known as Question 7
The primary source of revenue for a wholesaler is Question 8