Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Under gaap companies can choose which inventory system

06/01/2021 Client: saad24vbs Deadline: 7 Days

5 - 12


Test Bank for Accounting Principles, Eleventh Edition


5 - 13


Accounting for Merchandising Operations


CHAPTER 5

ACCOUNTING FOR MERCHANDISING OPERATIONS

Summary of Questions by LEARNING Objectives and Bloom’s Taxonomy

Item

LO

BT

Item

LO

BT

Item

LO

BT

Item

LO

BT

Item

LO

BT

True-False Statements

1.


1


C


10.


3


C


19.


5


K


28.


5


K


sg37.


2


K


2.


1


C


11.


3


C


20.


5


K


29.


5


K


sg38.


3


K


3.


1


K


12.


3


K


21.


5


C


a30.


6


K


sg39.


3


K


4.


1


K


13.


4


C


22.


5


C


a31.


7


K


sg40.


4


C


5.


1


K


14.


4


K


23.


5


C


a32.


7


K


sg41.


5


K


6.


2


K


15.


4


K


24.


5


K


a33.


7


K


sg42.


5


K


7.


2


K


16.


5


K


25.


5


K


a34.


7


K


8.


3


C


17.


5


K


26.


5


AP


sg35.


1


K


9.


3


C


18.


5


K


27.


5


K


sg36.


1


K


Multiple Choice Questions

43.


1


K


73.


2


AP


103.


3


K


133.


5


AP


a163.


7


AP


44.


1


K


74.


3


AP


104.


3


C


134.


5


AP


a164.


7


AP


45.


1


C


75.


3


AP


105.


3


C


135.


5


AP


sg165.


1


AP


46.


1


K


76.


3


AP


106.


3


K


136.


5


AP


sg166.


2


K


47.


1


K


77.


3


C


107.


3


K


137.


5


AP


sg167.


2


K


48.


1


C


78.


3


C


108.


4


C


138.


5


AP


st168.


2


K


49.


1


K


79.


3


AP


109.


4


C


139.


5


AP


sg169.


3


K


50.


1


K


80.


3


AP


110.


4


K


140.


5


AP


st170.


4


K


51.


1


C


81.


3


C


111.


1


C


141.


5


AP


sg171.


6


AP


52.


1


K


82.


3


C


112.


4


C


142.


5


AP


st172.


5


K


53.


1


C


83.


3


C


113.


5


AP


143.


5


AP


sg173.


6


K


54.


1


C


84.


3


K


114.


5


K


144.


5


AP


a,st174.


7


K


55.


1


C


85.


3


K


115.


5


C


145.


5


AP


175.


8


K


56.


1


K


86.


3


C


116.


5


C


a146.


6


K


176.


8


K


57.


1


C


87.


3


C


117.


5


C


a147.


6


K


177.


8


K


58.


2


K


88.


3


K


118.


5


AP


a148.


7


AP


178.


8


K


59.


2


K


89.


3


K


119.


5


K


149.


7


AP


179.


8


K


60.


2


C


90.


3


C


120.


5


C


150.


7


AP


180.


8


K


61.


2


K


91.


3


K


121.


5


K


151.


7


C


181


8


K


62.


2


C


92.


3


AP


122.


5


K


a152.


7


K


182


8


K


63.


2


C


93.


3


C


123.


5


K


a153.


7


K


183.


8


K


64.


2


C


94.


3


C


124.


5


AP


a154.


7


K


184.


8


K


65.


2


AP


95.


3


C


125.


5


AP


a155.


7


AP


185.


8


K


66.


2


AP


96.


3


C


126.


5


K


a156.


7


AP


186.


8


K


67.


2


C


97.


3


C


127.


5


C


a157.


7


K


187.


8


K


68.


2


K


98.


3


C


128.


5


K


a158.


7


C


188.


8


K


69.


2


AP


99.


3


AP


129.


5


K


a159.


7


C


189.


8


K


70.


2


AP


100.


3


AP


130.


5


AP


a160.


7


K


71.


2


K


101.


3


AP


131.


5


AP


a161.


7


K


72.


2


AP


102.


3


K


132.


5


AP


a162.


7


C


sg This question also appears in the Study Guide.


st This question also appears in a self-test at the student companion website.


a This question covers a topic in an appendix to the chapter.


Summary of Questions by LEARNING Objectives and Bloom’s Taxonomy

Brief Exercises

190.


1


AP


193.


3


AP


196.


5


AP


199.


7


AP


191.


2


AP


194.


3


AP


197.


5


AP


200.


7


AP


192.


2,3


AP


195.


4


AP


198.


7


AP


a201.


7


AP


Exercises

202.


1


C


207.


2,3


AN


212.


4


AP


217.


5


AP


a222.


7


AP


203.


2,3


AP


208.


2


AP


213.


4


AP


218.


5


C


a223.


7


AP


204.


2,3


AP


209.


3


AP


214.


5


AN


219.


5


AP


a224.


7


AP


205.


2


E


210.


3


AP


215.


5


AP


220.


5


AP


a221.


7


AP


206.


2,3


AP


211.


4


AP


216.


5


AP


a221.


6


AP


a226.


7


AP


Completion Statements

227.


1


K


229.


1


K


231.


2


K


233.


3


K


235.


5


K


228.


1


K


230.


2


K


232.


3


K


234.


3


K


236.


5


K


Matching Statements


237.


1


K


Short-Answer Essay


238.


3


K


240.


3


K


242.


1


K


244.


1


K


239.


1


K


241.


5


K


243.


5


K


245.


1


K


SUMMARY OF LEARNING OBJECTIVES BY QUESTION TYPE

Item

Type

Item

Type

Item

Type

Item

Type

Item

Type

Item

Type

Item

Type

Learning Objective 1

1.


TF


35.


TF


46.


MC


51.


MC


56.


MC


202.


Ex


239.


SA


2.


TF


36.


TF


47.


MC


52.


MC


57.


MC


227.


C


242.


SA


3.


TF


43.


MC


48.


MC


53.


MC


111.


MC


228.


C


244.


SA


4.


TF


44.


MC


49.


MC


54.


MC


165.


MC


229.


C


245.


SA


5.


F


45.


MC


50.


MC


55.


MC


190.


BE


237.


MA


Learning Objective 2

6.


TF


60.


MC


65.


MC


70.


MC


157.


MC


204.


Ex


230.


C


7.


TF


61.


MC


66.


MC


71.


MC


158.


MC


205.


Ex


231.


C


37.


TF


62.


MC


67.


MC


72.


MC


203.


Ex


206.


Ex


58.


MC


63.


MC


68.


MC


73.


MC


166.


BE


207.


Ex


59.


MC


64.


MC


69.


MC


156.


MC


167.


BE


208.


Ex


Learning Objective 3

8.


TF


75.


MC


83.


MC


91.


MC


99.


MC


107.


MC


209.


Ex


9.


TF


76.


MC


84.


MC


92.


MC


100.


MC


169.


MC


210.


Ex


10.


TF


77.


MC


85.


MC


93.


MC


101.


MC


192.


BE


232.


C


11.


TF


78.


MC


86.


MC


94.


MC


102.


MC


193.


BE


233.


C


12.


TF


79.


MC


87.


MC


95.


MC


103.


MC


194.


BE


234.


C


38.


TF


80.


MC


88.


MC


96.


MC


104.


MC


203.


Ex


240.


SA


39.


TF


81.


MC


89.


MC


97.


MC


105.


MC


204.


Ex


74.


MC


82.


MC


90.


MC


98.


MC


106.


MC


206.


Ex


SUMMARY OF Learning OBJECTIVES BY QUESTION TYPE

Learning Objective 4

13.


TF


15.


TF


108.


MC


110.


MC


170.


MC


211.


Ex


213.


Ex


14.


TF


40.


TF


109.


MC


112.


MC


195.


BE


212.


Ex


Learning Objective 5

16.


TF


26.


TF


117.


MC


127.


MC


137.


MC


172.


MC


235.


C


17.


TF


27.


TF


118.


MC


128.


MC


138.


MC


173.


MC


236.


C


18.


TF


28.


TF


119.


MC


129.


MC


139.


MC


196.


BE


241.


SA


19.


TF


29.


TF


120.


MC


130.


MC


140.


MC


197.


BE


243.


SA


20.


TF


41.


TF


121.


MC


131.


MC


141.


MC


215.


Ex


21.


TF


42.


TF


122.


MC


132.


MC


142.


MC


216.


Ex


22.


TF


113.


MC


123.


MC


133.


MC


143.


MC


217.


Ex


23.


TF


114.


MC


124.


MC


134.


MC


144.


MC


218.


Ex


24.


TF


115.


MC


125.


MC


135.


MC


145.


MC


219.


Ex


25.


TF


116.


MC


126.


MC


136.


MC


171.


MC


220.


Ex


Learning Objective a6

a34.


TF


175.


MC


178.


MC


181.


MC


184.


MC


187.


MC


a225.


Ex


a146.


MC


176.


MC


179.


MC


182.


MC


185.


MC


188.


MC


a147.


MC


177.


MC


180.


MC


183.


MC


186.


MC


189.


MC


Learning Objective a7

a30.


TF


a149.


MC


a154.


MC


a159.


MC


a164.


MC


a201.


BE


a225.


Ex


a31.


TF


a150.


MC


a155.


MC


a160.


MC


a174.


MC


a221.


Ex


a226.


Ex


a32.


TF


a151.


MC


a156.


MC


a161.


MC


a198.


BE


a222.


Ex


a33.


TF


a152.


MC


a157.


MC


a162.


MC


a199.


BE


a223.


Ex


a148.


MC


a153.


MC


a158.


MC


a163.


MC


a200.


BE


a224.


Ex


Learning Objective 8


175.


MC


177.


MC


179.


MC


181.


MC


183.


MC


185.


MC


176.


MC


178.


MC


180.


MC


182.


MC


184.


MC


Note: TF = True-False BE = Brief Exercise C = Completion


MC = Multiple Choice Ex = Exercise SA = Short-Answer


MA = Matching


CHAPTER LEARNING OBJECTIVES

1. Identify the differences between service and merchandising companies. Because of inventory, a merchandising company has sales revenue, cost of goods sold, and gross profit. To account for inventory, a merchandising company must choose between a perpetual and a periodic inventory system.


2. Explain the recording of purchases under a perpetual inventory system. The company debits the Inventory account for all purchases of merchandise, and freight-in, and credits it for purchase discounts and purchase returns and allowances.


3. Explain the recording of sales revenues under a perpetual inventory system. When a merchandising company sells inventory, it debits Accounts Receivable (or Cash) and credits Sales Revenue for the selling price of the merchandise. At the same time, it debits Cost of Goods Sold and credits Inventory for the cost of the inventory items sold. Sales returns and allowances and sales discounts are debited and are contra revenue accounts.


4. Explain the steps in the accounting cycle for a merchandising company. Each of the required steps in the accounting cycle for a service company applies to a merchandising company. A worksheet is again an optional step. Under a perpetual inventory system, the company must adjust the Inventory account to agree with the physical count.


5. Distinguish between a multiple-step and a single-step income statement. A multiple-step income statement shows numerous steps in determining net income, including nonoperating activities sections. A single-step income statement classifies all data under two categories, revenues or expenses, and determines net income in one step.


a6. Prepare a worksheet for a merchandising company. The steps in preparing a worksheet for a merchandising company are the same as for a service company. The unique accounts for a merchandiser are Inventory, Sales Revenue, Sales Returns and Allowances, Sales Discounts, and Cost of Goods Sold.


a7. Explain the recording of purchases and sales of inventory under a periodic inventory system. In recording purchases under a periodic system, companies must make entries for (a) cash and credit purchases, (b) purchase returns and allowances, (c) purchase discounts, and (d) freight costs. In recording sales, companies must make entries for (a) cash and credit sales, (b) sales returns and allowances, and (c) sales discounts.

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Helping Hand
Top Essay Tutor
University Coursework Help
Writer Writer Name Offer Chat
Helping Hand

ONLINE

Helping Hand

I am an Academic writer with 10 years of experience. As an Academic writer, my aim is to generate unique content without Plagiarism as per the client’s requirements.

$60 Chat With Writer
Top Essay Tutor

ONLINE

Top Essay Tutor

I have more than 12 years of experience in managing online classes, exams, and quizzes on different websites like; Connect, McGraw-Hill, and Blackboard. I always provide a guarantee to my clients for their grades.

$65 Chat With Writer
University Coursework Help

ONLINE

University Coursework Help

Hi dear, I am ready to do your homework in a reasonable price.

$62 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

The beginning inventory of merchandise at dunne co - Raf pay scales 20 21 - Pricing whereby the buyer absorbs all or part of the freight costs is freight absorption pricing. - Arthur andersen enron case study - What is sociological imagination according to cw mills - Gattaca quotes i never saved anything - NR632 Week 8 Final CGE Portfolio - Electrical analogy of fluid flow - 2 voltage sources in parallel - Hardening Techniques Responses - Learn charter school network - Angles in quadrilaterals worksheet - Bfi statistical yearbook 2012 - HIST102 short paper (3 Pages) - Analyzing song lyrics assignment - Rhetorical Analysis - Hpe officeconnect switch 1820 8g j9979a firmware - What type of bone marking refers to a pointed process - Pulp fiction tracking shot - How to install kingspan roof insulation - Abiotic and biotic factors of the daintree rainforest - Non lodgement advice ato - Tenants union of victoria - Derbyshire county council renew library books - Avaya proactive contact supervisor - 204/19 pickles street port melbourne - Create an advertising campaign assignment - Rt duroid 5880 specifications - Who started the ehr mandate - Module 3 Assignment 2 - Police Report (CRJ 125) - Professional Lifestyle Services - Computation - Diffusion tensor imaging would be the best choice to examine - Assignment 1.1 2020 - 5 PARAGRAPH Paper on MADAM CJ WALKER - Ia suffix meaning medical - Although though even though in spite of despite - Hugh latimer and nicholas ridley fahrenheit 451 - Willowbrook school case study - ASSIGNMENT4091420 - The Best Tips for Managing Multiple Assignments Effectively - Saturday sunday monday song - Gardner's leadership attributes - Article analysis by 10/16 /2020 at 6:00 pm please add references - 5e lesson plan template pdf - Eyeglassomatic manufactures eyeglasses for different retailers - Develop workplace policy and procedures for sustainability ppt - Sonnet no 18 analysis - W#8 PP peer replies. - Research Project - Carbonic acid and potassium hydroxide net ionic equation - Cooling curve lab report - How to calculate weight of debt from balance sheet - Racism and prejudice in jasper jones - Absolute lovers sj hooks epub - Math Statistics - Uts my student portal - Enterprise risk management - Border gateway protocol version 4 - Salesforce connected customer report 2019 - Spyder active sports case solution - Grosvenor grammar school rugby - Bryan and petersen display homes warrnambool - American college of radiology - HW - What was tintoretto's painting goal in the last supper - Quantitative spectroscope and visible light lab - Neal-schuman library technology companion 6th edition - Competitor analysis of itc ltd - Week Seven Discussion Topic Question: - In one paragraph explain the difference between a regular research paper and a literary analysis paper? - Click and learn csi wildlife student worksheet answer key - Free homework help and answers - Flr fp processing time - Transitional Care Application: Roles and Organizational Structure - Ucl outlook live login - Racism birth control and reproductive rights summary - How to read electrical drawings australiahow to read electrical drawings australia - Is the self ionisation of water endothermic - Stats test 18 questions 75mins to do - 5 wing court maylands - Criminal justice - Kantarion prevod na engleski - Teaching project - Wells Fargo Fraud - Ipo cycle diagram of computer - Economics the basics mandel 3rd edition pdf - Charles darwin a gentle revolutionary answers - Question - God is a master craftsman poem - Anatomy and physiology chapter 11 nervous system - Renaissance reformation and scientific revolution - What word does the adjective clause modify - Micro mezzo and macro levels - Www globalincidentmap com home php - Management information system laudon chapter 1 ppt - Sugar subsidies drive candy makers abroad - Glenn colquhoun bred in south auckland - Need Finance paper revised - Chemistry all around us