اسئلة امتحانات محاسبة مالية 2 انجليزي ـ محاسبة انجليزي ـ

 اسئلة امتحانات محاسبة مالية 2 انجليزي ـ محاسبة انجليزي ـ

 اسئلة امتحانات محاسبة مالية 2 انجليزي ـ محاسبة انجليزي ـ  
تجارة انجليزي ـ الفرقة الاولى ـ الترم الثاني
كلية التجارة
Year: 1 / term : 2
Faculty of Commerce Guiding Questions May2021
Department of Accounting Ten pages Financial Accounting (2)
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First Question:
Choose the right answer a, b, c, or d:
1. A merchandising company that sells directly to consumers is a
a. retailer.**
b. wholesaler.
c. broker.
d. service company.

2. Sales revenue less cost of goods sold is called
a. gross profit.**
b. net profit.
c. net income.
d. marginal income.

3. After gross profit is calculated, operating expenses are deducted to determine
a. gross margin.
b. net income.**
c. gross profit on sales.
d. net margin.

4. Cost of goods sold is determined only at the end of the accounting period in
a. a perpetual inventory system.
b. a periodic inventory system.**
c. both a perpetual and a periodic inventory system.
d. neither a perpetual nor a periodic inventory system.

5. In a perpetual inventory system, cost of goods sold is recorded
a. on a daily basis.
b. on a monthly basis.
c. on an annual basis.
d. with each sale.**

6. Under a periodic inventory system, purchase of merchandise is debited to the
a. Merchandise Inventory account.
b. Cost of Goods Sold account.
c. Purchases account.**
d. Accounts Payable account.

7. The journal entry to record a return of merchandise purchased on account under a
perpetual inventory system would credit
a. Accounts Payable.
b. Purchase Returns and Allowances.
c. Sales.
d. Merchandise Inventory.**
2
8. A buyer would record a payment within the discount period under a perpetual
inventory system using total invoice value by crediting
a. Accounts Payable.
b. Merchandise Inventory.
c. Purchase Discounts (taken).**
d. Sales Discounts (given).

9. Which of the following accounts has a normal credit balance?
a. Sales Returns and Allowances
b. Sales Discounts
c. Sales **
d. Selling Expense

10. The journal entry to record a return of merchandise purchased on account under a
perpetual inventory system would be
a. Accounts Payable
Purchase Returns and Allowances
b. Purchase Returns and Allowances
Accounts Payable
c. Accounts Payable Inventory **
d. Inventory
Accounts Payable

11. The journal entry to record a return of merchandise purchased on account under a
periodic inventory system would be
a. Accounts Payable**
Purchase Returns and Allowances
b. Purchase Returns and Allowances
Accounts Payable
c. Accounts Payable
Inventory
d. Inventory
Accounts Payable

12. Which of the following accounts has a normal credit balance?
a. Purchases
b. Sales Returns and Allowances
c. Transportation-in
d. Purchase Discounts (taken).**

13. Flynn Company purchased merchandise inventory with an invoice price of $5,000
and credit terms of 2/10, n/30. What is the net cost of the goods if Flynn Company
pays within the discount period?
a. $5,000
b. $4,900 **
c. $4,500
d. $4,600

14. The entry to record the collection of the sale amount within the discount period on
a sale of $750 with terms of 2/10, n/30 will include a credit to
a. Discount given for $15.
b. Cash for $735.
c. Accounts Receivable for $750. **
d. Sales for $750.

15. The entry to record the collection of the sale amount within the discount period on
a sale of $750 with terms of 2/10, n/30 will include a debit to
a. Discount given for $15.**
b. Cash for $750.
c. Accounts Receivable for $750.
d. Sales for $750.

16. Company X sells $400 of merchandise on account to Company Y with credit
terms of 2/10, n/30. If Company Y issued a check taking advantage of the discount
offered, what is the amount of Company Y's check?
a. $280
b. $392 true
c. $360
d. $320
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اسئلة امتحانات محاسبة مالية 2 انجليزي ـ محاسبة انجليزي ـ