1. Which of the following is NOT an example of selling expenses? (Points : 2) A. Salespersons salaries B. Office salaries C. Depreciation of store equipment D. Advertising 2. In recording the cost of merchandise sold for cash using a perpetual inventory system the effect on the accounts is (Points : 2) A. increase Cost of Merchandise Sold; increase Sales. B. increase Cost of Merchandise Sold; decrease Merchandise Inventory. C. increase Merchandise Inventory; decrease Cost of Merchandise Sold. D. increase Accounts Receivable; decrease Merchandise Inventory. 3. Expenses that are incurred directly or entirely in connection with the sale of merchandise are classified as (Points : 2) A. selling expenses. B. general expenses. C. other expenses. D. administrative expenses. 4. When the perpetual inventory system is used the inventory sold is shown on the income statement as (Points : 2) A. cost of merchandise sold. B. purchases. C. purchases returns and allowances. D. net purchases.
Written on May 6th, 2018 by
1. Which of the following is NOT an example of selling expenses? (Points : 2) A.
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