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· Question 20 Match the items below by entering the appropriate code letter in the space provided. ------------------------------------------------------------------------------------ ACC 556 Chapter 5 Quiz (100% Score) FOR MORE CLASSES VISIT www.acc556assist.com 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

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