ACC 556 Chapter 5 Quiz ( 100 % Score )
Match the items below by entering the appropriate code letter in the space provided . =================================================
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