College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Textbook Question
Chapter 12, Problem 2QY
Which of the following is not an example of a current asset?
- a. Cash
- b. Merchandising Inventory
- c. Prepaid Expenses
- d. Equipment
- e. Supplies
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Which of the following assets would not be included as a quick asset?
a.Merchandise inventory
b.Cash
c.Temporary investments
d.Accounts receivable
Which of the following accounts is an example of a contra-asset?A) Cost of Goods Sold
B)Sales Discounts
C) Purchases
D) Deferred Revenue
E) LIFO Reserve
Identify an example of a non-current asset.
O a. Machinery
O b. Bank overdraft
O c. Inventory
O d. Loan
Chapter 12 Solutions
College Accounting (Book Only): A Career Approach
Ch. 12 - What is the term used for the profit on a sale...Ch. 12 - Which of the following is not an example of a...Ch. 12 - Prob. 3QYCh. 12 - What is the third entry of the closing procedure...Ch. 12 - What general journal entry is used to undo a...Ch. 12 - Prob. 1DQCh. 12 - What is the difference between the cost of goods...Ch. 12 - Prob. 3DQCh. 12 - Prob. 4DQCh. 12 - Prob. 5DQ
Ch. 12 - Explain the calculation of net sales and net...Ch. 12 - Prob. 7DQCh. 12 - What are the rules for recognizing whether an...Ch. 12 - Prob. 9DQCh. 12 - Calculate the missing items in the following:Ch. 12 - Using the following information, prepare the Cost...Ch. 12 - Identify each of the following items relating to...Ch. 12 - The Income Statement columns of the August 31...Ch. 12 - Prob. 5ECh. 12 - Prob. 6ECh. 12 - From the following T accounts, journalize the...Ch. 12 - From the following information, journalize the...Ch. 12 - A partial work sheet for The Fan Shop is presented...Ch. 12 - Prob. 2PACh. 12 - The following partial work sheet covers the...Ch. 12 - The following accounts appear in the ledger of...Ch. 12 - A partial work sheet for McKnight Music Store is...Ch. 12 - Here is the partial work sheet for Meyer Mountain...Ch. 12 - The following partial work sheet covers the...Ch. 12 - The following accounts appear in the ledger of...Ch. 12 - Costco is the largest chain of membership...Ch. 12 - A music store sells new instruments. The store...Ch. 12 - You are an owner/bookkeeper in a country whose...Ch. 12 - Prob. 4ACh. 12 - Prob. 5ACh. 12 - It is now August 31. You have journalized and...
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- Which of the following is not an asset inventory Revenue Acounts receivable Prepaid insurancearrow_forwardTRUE OR FALSE? Current Assets differ from Quick assets when it comes to inventory.arrow_forwardIn accounting what is meant by the term 'purchases'? Select one: A. All good purchased and paid for. OB. All items bought. OC. All good bought for re-sale. OD. All goods held in inventory.arrow_forward
- Which of the following is NOT a financial transaction? a. purchase of products b. cash receipts c. update valid vendor file d. sale of inventoryarrow_forwardWhich of the following items is NOT classified as a financial asset? a. promissory notes b. forward exchange contracts c. inventory d. accounts receivablearrow_forwardWhich of the following accounts does not belong in the purchases and disbursement cycle? Group of answer choices a.Prepayments b.Accounts payable c.Sales returns and allowances d.Fixed assetsarrow_forward
- Which of the following accounts does not belong in the purchases and disbursement cycle? A. Prepayments B. Accounts Payable C. Sales returns and allowances D. Fixed Assetsarrow_forwardWhich of the following is not considered in computing net cost of purchases? Purchases Purchase Returns and allowances Transportation paid on purchased of goods Transportation paid on goods shipped to customers.arrow_forwardPermanent accounts would not include: Cost of goods sold. Inventory Current liabilities Accumulated depreciationarrow_forward
- How is cost of goods sold classified in the financial statements?a. As a revenueb. As an expensec. As an assetd. As a liabilityarrow_forwardWhich account balance is NOT used to compute the cost of goods sold? a.Merchandise Inventory b.Purchases c.Sales d.Purchases Discountsarrow_forwardWhich of the following transaction is not recorded in the general journal? Select one: A. All of the above B. Sales and purchase of inventory on credit C. Purchase of non-current assets by cash D. Sales of non-current assets by casharrow_forward
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