Multiple Choice
Actually counting the goods on hand at the end of the accounting period and determining the cost of these goods by reviewing the accounting records is called
A) the cost of goods sold.
B) the physical inventory.
C) freight-in.
D) accumulated depreciation.
Correct Answer:
Verified
Correct Answer:
Verified
Q2: The adjusted balance of the merchandise inventory
Q3: Only the debit adjustment amount in the
Q4: The balance of Unearned Revenue is reported
Q5: In journalizing adjusting entries, an Unearned Revenue
Q6: On a work sheet, the amount entered
Q8: Which of the following is NOT a
Q9: Purchases Discounts is a contra-cost account.
Q10: When unearned revenue is finally earned, a
Q11: The merchandise inventory account is never debited
Q12: If beginning inventory is $30,000 and ending