1.Which of the following statements is true A.Gross profit – Cost of goods sold = Net sales B.Net...

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Page 1: 1.Which of the following statements is true A.Gross profit – Cost of goods sold = Net sales B.Net sales + Gross profit = Cost of goods sold C.Gross profit.

1.Which of the following statements is true

A. Gross profit – Cost of goods sold = Net sales

B. Net sales + Gross profit = Cost of goods sold

C. Gross profit = Net sales – Cost of goods sold

D. Net sales + Cost of goods sold = Gross profit

 

Page 2: 1.Which of the following statements is true A.Gross profit – Cost of goods sold = Net sales B.Net sales + Gross profit = Cost of goods sold C.Gross profit.

2.The entry to record the sale of $100 of merchandise with terms of 2/10 n/30 will

include a: A. debit to Sales for $98.

B. debit to Cash $100.

C. debit to Accounts Receivable of $100.

D. debit to Sales Discounts for $2.

Page 3: 1.Which of the following statements is true A.Gross profit – Cost of goods sold = Net sales B.Net sales + Gross profit = Cost of goods sold C.Gross profit.

A. $25,000.

B. $20,000.

C. $18,000.

D. $85,000.

3.On a multi-step income statement, operating income is:

Page 4: 1.Which of the following statements is true A.Gross profit – Cost of goods sold = Net sales B.Net sales + Gross profit = Cost of goods sold C.Gross profit.

4.The gross profit percentage is

A. 35%

B. 65%

C. 67%

D. 33%

Page 5: 1.Which of the following statements is true A.Gross profit – Cost of goods sold = Net sales B.Net sales + Gross profit = Cost of goods sold C.Gross profit.

5.Would Gross Profit, Operating Income, and Net Income appear on a single-step

income statement? Gross Profit Operating Income Net Income

A. No No Yes

B. Yes Yes Yes

C. No Yes Yes

D. Yes No No

Page 6: 1.Which of the following statements is true A.Gross profit – Cost of goods sold = Net sales B.Net sales + Gross profit = Cost of goods sold C.Gross profit.

6.Which of the following is false?

A. Net sales = Sales revenue – Sales returns and allowances – sales discounts

B. Inventory Turnover = Cost of goods sold ÷ Ending inventory

C. Gross profit percentage = Gross profit ÷ Net sales

D. Sales - Cost of goods sold = Gross profit


( 1 ) N(6th Sm.)-Financial Reporting etc.-G/DSE 6.1A/CBCS 2020€¦ · Gross Profit Ratio Net Profit Ratio Operating Expenses Ratio Sales `8,00,000 Cost of goods sold `3,00,000 Administration

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