Which is Not a Temporary Account Indeed

Question 1 Correct Mark 1.00 out of 1.00 Flag question Question text An operating cycle is the amount of time it takes a company to use its cash to provide a product or service and collect payment from the customer. Select one: a. True b. False Question 2 Correct Mark 1.00 out of 1.00 Flag question Question text Which term prepares a company for the next accounting period by clearing any outstanding balances in certain accounts that should not transfer over to the next period. Select one: a. Note payable b. Closing entries c. Accounts payable Question 3 Correct Mark 1.00 out of 1.00 Flag question Question text Which account is not temporary? Select one: a. Rent Expense b. Dividends c. Common Stock Question 4 Correct Mark 1.00 out of 1.00 Flag question Question text Other revenue and expenses are revenues and expenses associated with daily operations, or the sale of goods and services. Select one: a. True b. False Question 5 Correct Mark 1.00 out of 1.00 Flag question Question text A service company provides intangible services to customers, and does not have inventory. Select one: a. True b. False Question 6 Correct Mark 1.00 out of 1.00 Flag question Question text Which of the following represents transportation terms whereby the seller transfers ownership and financial responsibility at the time of delivery Select one: a. Freight-out b. FOB Shipping Point c. FOB Destination Point Question 7 Correct Mark 1.00 out of 1.00 Flag question Question text Which of the following is an expense account that houses all costs associated with getting a product ready for sale. Select one: a. Income from operations b. Net Income c. Cost of Goods Sold Question 8 Correct Mark 1.00 out of 1.00 Flag question Question text The equation for current ratio is Select one: a. = Current Assets + Current Liabilities b. = Dividends / Current Liabilities c. = Current Assets / Current Liabilities Question 9 Correct Mark 1.00 out of 1.00 Flag question Question text What is returning the account to a zero balance called Select one: a. Closing b. Operating Cycle c. Working Capital Question 10 Correct Mark 1.00 out of 1.00 Flag question Question text The gross profit margin ratio shows the margin of revenue below the cost of goods sold that can be used to cover operating expenses and profit. Select one: a. True b. False Question 1 Correct Mark 1.00 out of 1.00 Flag question Question text Long-term liability is debt settled outside one year or one operating cycle, whichever is longer. Select one: a. True b. False Question 2 Correct Mark 1.00 out of 1.00 Flag question Question text A merchandising company resells finished goods (inventory) produced by a manufacturer (supplier) to customers. Select one: a. True b. False Question 3 Correct Mark 1.00 out of 1.00 Flag question Question text Post-closing trial balance: The post-closing trial balance is prepared after closing entries have been posted to the ledger. This trial balance only includes Select one: a. Permanent Accounts b. Temporary Accounts c. Discount Question 4 Correct Mark 1.00 out of 1.00 Flag question Question text If a company returns merchandise before remitting payment, they would debit Accounts Payable and credit Purchase Returns and Allowances. Select one: a. True b. False Question 5 Correct Mark 1.00 out of 1.00 Flag question Question text The eighth step in the accounting cycle is preparing closing entries, which includes journalizing and posting the entries to the ledger. Select one: a. True b. False Question 6 Correct Mark 1.00 out of 1.00 Flag question Question text Which account is included the Post-Closing Trial Balance? Select one: a. Permanent accounts b. Temporary accounts c. Income statement Question 7 Correct Mark 1.00 out of 1.00 Flag question Question text Merchandising companies resell goods to consumers and their operating cycle begins with , purchasing inventory, selling merchandise, and collecting customer payments. Select one: a. Discount b. Cash-on-hand c. Refund Question 8 Correct Mark 1.00 out of 1.00 Flag question Question text The classified balance sheet presents information on your balance sheet in a more informative structure, where asset and liability categories are divided into smaller, more detailed sections. Select one: a. True b. False Question 9 Correct Mark 1.00 out of 1.00 Flag question Question text Which system can mislead investors about the daily operations of a business? Select one: a. Accrual-basis b. Cash-basis c. Accounting Information System Question 10 Correct Mark 1.00 out of 1.00 Flag question Question text What is the formula for Gross Profit Margin Ratio? Select one: a. (Net Sales - Cost of Goods Sold) / Net Sales b. Owner´s Equity / Net Sales c. Net Sales / Cost of Goods Sold uestion 1 Correct Mark 1.00 out of 1.00 Flag question Question text What is the ability to convert assets into cash in order to meet primarily short-term cash needs or emergencies. Select one: a. Nominal Account b. Liquidity c. Real Account Question 2 Correct Mark 1.00 out of 1.00 Flag question Question text Purchase discounts are the reduction in the selling price offered to customers who pay their account within the discount. Select one: a. True b. False Question 3 Correct Mark 1.00 out of 1.00 Flag question Question text If a customer obtains an allowance for damaged merchandise before remitting payment, the company would debit Sales Returns and Allowances and credit Accounts Payable or Cash. Select one: a. True b. False Question 4 Correct Mark 1.00 out of 1.00 Flag question Question text What is the formula for working capital? Select one: a. The formula is current assets minus current liabilities. b. The formula is current liabilities minus current assets. c. The formula is current liabilities plus current assets. Question 5 Correct Mark 1.00 out of 1.00 Flag question Question text Which one is not an example of an intangible asset? Select one: a. Trademarks b. Patents c. Equipment Question 6 Correct Mark 1.00 out of 1.00 Flag question Question text Which of the following is used for manual stock check of inventory to make sure what is recorded on the books matches what is actually in the warehouse and on the sales floor. Select one: a. Periodic Inventory System b. Physical Inventory Count c. Perpetual Inventory System Question 7 Correct Mark 1.00 out of 1.00 Flag question Question text Which of the following refers to the shipping costs for which the buyer is responsible when receiving shipment from a seller, such as delivery and insurance expenses. . Select one: a. Net Purchases b. Freight-in c. Point of transfer Question 8 Correct Mark 1.00 out of 1.00 Flag question Question text A perpetual inventory system updates and records the inventory account at certain, scheduled times at the end of an operating cycle. Select one: a. True b. False Question 9 Correct Mark 1.00 out of 1.00 Flag question Question text A patent is a contract that provides a company exclusive rights to produce and sell a unique product. Select one: a. True b. False Question 10 Incorrect Mark 0.00 out of 1.00 Flag question Question text Cash discount provides a discount on the final price after purchase, if a retailer pays within a discount window, typically stated in days. Select one: a. True b. False