ACC 556 ASSIST Great Stories /acc556assist.com ACC 556 ASSIST Great Stories /acc556assist.com | Page 13

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
Which of the following is a true statement about inventory
systems?
Question 9
Which of the following items does not result in an adjustment in
the merchandise inventory account under a perpetual system?
Question 10
Farwell Company purchased merchandise with an invoice price
of $2,000 and credit terms of 1/10, n/30. Assuming a 360 day year,
what is the implied annual interest rate inherent in the credit
terms?
Question 11
As the president of Harter Company, you notice that no discounts
have been taken when settling accounts payables. What would be
an acceptable explanation?
Question 12
A sales invoice is prepared when goods
Question 13
The Sales Returns and Allowances account does not provide
information to management about
Question 14