AC41 Lec Ch. 7-8 Merchandising Operations Quiz
Authored by Ferdinand Llasos
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Retailers and wholesalers are both considered merchandisers.
TRUE
FALSE
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
The steps in the accounting cycle are different for a merchandising company than for a service company.
TRUE
FALSE
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Sales minus operating expenses equals gross profit.
TRUE
FALSE
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Under a perpetual inventory system, the cost of goods sold is determined each time a sale occurs.
TRUE
FALSE
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
A periodic inventory system requires a detailed inventory record of inventory items.
TRUE
FALSE
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Freight terms of FOB Destination means that the seller pays the freight costs.
TRUE
FALSE
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Freight costs incurred by the seller on outgoing merchandise are an operating expense to the seller.
TRUE
FALSE
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