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Accounting Fundamentals Quiz

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Questions and Answers

Which method calculates bad debt expense based on a percentage of credit sales?

Notes receivables

Accruals - Accrued expenses/Accrued revenues

Debit card fees/sales

Allowance method (correct)

What type of inventory system provides real-time updates on inventory levels after each sale/purchase?

Accumulated depreciation/Carrying amount

Periodic

Bank reconciliation

Perpetual (correct)

What formula represents the income statement?

Net Sales - Cost of Goods Sold = Gross Profit (correct)

Cost of net purchases = Learning objective 4

Bank reconciliation - Journal entries = Financial statements

Accumulated depreciation/Carrying amount - Accruals = Accrued expenses

Which analysis compares financial data over multiple reporting periods to identify trends?

<p>Horizontal analysis</p> Signup and view all the answers

What do closing entries accomplish in the accounting cycle?

<p>Transfer net income/loss to retained earnings and reset temporary accounts</p> Signup and view all the answers

Accounting Fundamentals Quiz

Choose a study mode

Podcast

Questions and Answers

Which method calculates bad debt expense based on a percentage of credit sales?

What type of inventory system provides real-time updates on inventory levels after each sale/purchase?

What formula represents the income statement?

Which analysis compares financial data over multiple reporting periods to identify trends?

What do closing entries accomplish in the accounting cycle?

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