ACC 557 Week 5 Quiz – Strayer NEW Click On The Link Below To Purchase A+ Graded Material Instant Download http://budapp.net/ACC-557-Week-5-Quiz-Strayer-NEW-ACC557W5Q.htm Chapter 5 and 6 All possible questions with answers. TRUE-FALSE STATEMENTS Retailers and wholesalers are both considered merchandisers. Ans:, LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Reporting, AICPA PC: None, IMA: Business Economics
The steps in the accounting cycle are different for a merchandising company than for a service company. Ans: LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: None, IMA: Reporting
Sales minus operating expenses equals gross profit. Ans: LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: None, IMA: Reporting
Under a perpetual inventory system, the cost of goods sold is determined each time a sale occurs. Ans:, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Measurement, AICPA PC: None, IMA: FSA
A periodic inventory system requires a detailed inventory record of inventory items.