For a journal entry with only two lines, the following entry is valid:

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Question

For a journal entry with only two lines, the following entry is valid:

For a journal entry with only two lines, the following entry is valid: Decrease in Owners' Equity, Increase in Expense.

False B) True

Allocation is primarily as issue in

Measuring Income B) None of the other three

C) Measuring Assets D) Both Measuring Assets and Income

ABC has beginning inventory for the year of $18,000. During the year, ABC purchases inventory for $230,000 and has cost of goods sold equal to $233,000. ABC's ending inventory equals:

A) $21,000. B) $18,000. C) $15,000. D) $19,000.

Of the following inventories 1) Raw Materials Inventory, 2) Work in Process Inventory, 3) Finished Goods Inventory, how many turn into Cost of Goods Sold directly?

Two B) None C) One D) Three

ABC buys widgets for $5 cash and sells them on account for $8. What is the sacrifice value of a receivable on the books of ABC?

$8
$5
$3
Impossible to determine from the given information

For a journal entry with only two lines, the following entry is valid: Increase in Revenue, Decrease in Expense.

False B) True

In the P/E ratio

P is forward looking; E is backward looking.
P is backward looking; E is backward looking.
P is forward looking; E is forward looking.
P is backward looking; E is forward looking.

Cost of goods sold $420,000 Sales revenue800,000 Nonoperating expenses 10,000 Operating expenses 170,000 Income tax expense 80,000
370)
What is operating income?
A) $200,000. B) $210,000. C) $380,000. D) $120,000.

business accounting

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Answer 1

Answer #1

1-	For a journal entry with only two lines, the following entry is valid: Decrease in Owners' Equity, Increase in Expense	FALSE
2-		Measuring income
3-	cost of goods sold = opening inventory+purchase-closing inventory	option is C -15000
		233000= 18000+230000-closing inventory	closing inventory = 248000-233000= 15000
4-	Option is D - 3	all the three turn into cost of goods sold directly
5-	Option is B -5
6-	FALSE
7-	Option is 2	P is backward looking; E is backward looking.
8-	Option is B	sales-cost of goods sold- operating expenses	210000

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Answer 2

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