简答题The total of a single-column sales journal is posted at the end of the month ____ A、as a debit to the Accounts Receivable account and a credit to the Sales account. B、to the Sales account, Cash account, and Accounts Receivable account. C、to the Sales account only. D、as a debit to the Sales account and a credit to the Accounts Receivable account.简答题The purchases accounts that normally have a credit balance are ____ A、Purchase Returns and Allowance. B、Purchase Discounts. C、Purchase. D、both (a) and (b).简答题Roy Co. records purchases net of all available purchase discounts. If the company makes payment after the discount has expired, the entry to record the payment should include a ____ A、debit to Purchase Discounts Lost. B、credit to Purchase Discounts Lost. C、debit to Sales Discounts. D、credit to Sales Discounts.简答题An advantage to the LIFO method of accounting for inventory is that it values the cost of goods sold at current replacement costs.简答题The cash discount is regarded as a purchases discount for the buyer.简答题In a periodic inventory system, understating the amount of ending inventory will cause an understatement of gross profit in the current year.简答题Freight cost should be classified as a direct offset to sale, not as an expense.简答题In a perpetual inventory system, recording a sale on account involves crediting which of the following accounts? A、Only sales. B、Sales and inventory. C、Sales and cost of goods sold. D、Sales, inventory, and cost of goods sold.简答题The controlling account in the general ledger that summarizes the debits and credits to the individual customers' accounts in the subsidiary ledger is called ____ A、Accounts Payable. B、Accounts Receivable. C、Sales. D、Purchases.简答题The contra-revenue accounts, Sales Returns and Allowances and Sales Discounts, should be closed by crediting these accounts and debiting Income Summary for each account.简答题Instead of paying for merchandise purchased on account, Olympic Corp. returned this merchandise to the supplier. Olympic should record this transaction by debiting Accounts Payable and crediting Sales Returns and Allowances.简答题Which of the following is not considered an acceptable inventory cost method according to GAAP? A、First-in, first-out B、First-in, last-out C、Last-in, first-out D、Average cost简答题When using a perpetual inventory system, A、no Purchases account is used. B、a Cost of Goods Sold account is used. C、two entries are required to record a sale. D、All of these.简答题At year-end, the perpetual inventory records of Anderson Co. indicate 60 units of a particular product in inventory, acquired at the following dates and unit costs: Purchased in August: 30 units at 700 per unit. A complete physical inventory taken at year-end indicates only 50 units of this product actually are on hand. Under the FIFO flow assumption, the cost of these items to be included in inventory in the company's year-end balance sheet is ____ A、36,500. C、37,500.简答题In a perpetual inventory system, recording a sale on account involves debiting which of the following accounts? A、Only accounts receivable. B、Accounts receivable and inventory. C、Accounts receivable and cost of goods sold. D、Accounts receivable, cost of goods sold, and inventory.简答题All cash sales of a merchandising business are recorded in the cash payments journal.多选题Goods costing 200 credit memo is received from the supplier for damaged goods. What is the payment on July 24 ? A、1,980. C、2,000.简答题The LIFO conformity rule requires that if a company uses LIFO for tax purposes, it must also use LIFO for financial accounting purposes.简答题In posting from the purchases journal to the subsidiary ledger, an employee posts a purchase of 990 yuan as 909 yuan. He should become aware that an error has occurred A、when the general ledger trial balance is taken. B、when the purchases journal is totaled. C、when the subsidiary ledger is reconciled with the controlling account. D、when the controlling account is posted.简答题To arrive at net sales, ____ A、add sales discounts to sales. B、subtract the cost of goods sold from the sales price. C、subtract sales returns and sales discounts from sales. D、subtract accounts receivable from sales.