Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 1, Problem 8MC
Which of the following is not an example of a retailer?
A. electronics store
B. grocery store
C. car dealership
D. computer manufacturer
E. jewelry store
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If you are a jewelry store, what inventory system is applicable to you? How about for a hardware store? Explain your answers.
From the following examples, select which one is a transaction.
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a seller receiving payment from a buyer while giving him the item he bought
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a buyer searching for information in the internet and his friends
c.
a girl window-shopping in a store for things she want to buy
d.
a shopper comparing products of different products in different stores
Which of the following will be called as a Merchandising Business?
a.
Receives a loan from bank
b.
Earns net income by buying goods only
c.
Earns profits from commission only
d.
Earns net income by buying and selling merchandise
Chapter 1 Solutions
Principles of Accounting Volume 1
Ch. 1 - Accounting is sometimes called the language of...Ch. 1 - Financial accounting information ________. A....Ch. 1 - External users of financial accounting information...Ch. 1 - Which of the following groups would have access to...Ch. 1 - All of the following are examples of managerial...Ch. 1 - Which of the following is not true? A....Ch. 1 - The primary purpose of what type of business is to...Ch. 1 - Which of the following is not an example of a...Ch. 1 - A governmental agency can best be described by...Ch. 1 - Which of the following is likely not a type of...
Ch. 1 - Which of the following is not considered a...Ch. 1 - Stockholders can best be defined as which of the...Ch. 1 - Which of the following sell stock on an organized...Ch. 1 - All of the following are sustainable methods...Ch. 1 - The accounting information of a privately held...Ch. 1 - Which of the following skills/attributes is not a...Ch. 1 - Which of the following is typically required for...Ch. 1 - Typical accounting tasks include all of the...Ch. 1 - What type of organization primarily offers tax...Ch. 1 - Most states require 150 semester hours of college...Ch. 1 - Research your top five career choices. Identify...Ch. 1 - Using the same top five career choices, identify...Ch. 1 - Think about a recent purchase you made. Describe...Ch. 1 - Computerized accounting systems help businesses...Ch. 1 - The following information was taken from the...Ch. 1 - The following chart shows the price of Netflix...Ch. 1 - Use the internet to research one for-profit, one...Ch. 1 - Use the internet to research one manufacturing,...Ch. 1 - Assume you are considering opening a retail...Ch. 1 - Uber and Lyft are two popular ride-sharing...Ch. 1 - How would you categorize or classify a company...Ch. 1 - Charity Navigator...Ch. 1 - Use the internet to visit the Securities and...Ch. 1 - Imagine that you have just been elected president...Ch. 1 - According to a company press release, on January...Ch. 1 - The Dow Jones Industrial Average (DJIA) is often...Ch. 1 - Many professional certifications now have...Ch. 1 - The Certified Public Accountant (CPA) exam is a...
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- Assume you are considering opening a retail business. You are trying to decide whether to have a traditional brick-and-mortar store or to sell only online. Explain how the activities and costs differ between these two retail arrangements.arrow_forwardWhich of the following would normally be classified as a Selling expense of Merchandising business? a. Insurance expense of the office b. Rent expense of the office c. Advertising expense d. Telephone expense of the officearrow_forwardWhich of the following business uses perpetual inventory system? a.Pharmacy b.Barber c.Tailor d.Cold store (small)arrow_forward
- What are the specific accounting policies that a bookstore businesses should have? Provide a specific example.arrow_forwardMustafa Computer Supplies LLC is selling computer accessories for wholesale and retail business. Which of the following is False Statement? a. Mustafa Computer Supplies LLC is doing a retail business b. Mustafa Computer Supplies LLC is a merchandise business c. Mustafa Computer Supplies LLC is a doing a manufacturing business d. Mustafa Computer Supplies LLC is doing a wholesale businessarrow_forwardWhich of the following will be called as an expense of a Merchandise business? a. Sale of Merchandise inventory b. Trade discount c. Cost of goods sold d. Loan from bank Muscatarrow_forward
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