Choc. Creme
Cruller
Boston Creme
Jelly
Glazed
1 POINT
1 POINT
1 POINT
1 POINT
1 POINT
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3 POINTS 3 POINTS 3 POINTS 3 POINTS 3 POINTS
4 POINTS 4 POINTS 4 POINTS 4 POINTS 4 POINTS
5 POINTS 5 POINTS 5 POINTS 5 POINTS 5 POINTS
1 POINT
These are referred to as the owned
resources of the business.
What are assets?
2 POINTS
3/15, n/45
What is 3% discount paid in 15
days or the whole amount paid
in 45 days.
3 POINTS
Accumulated depreciation appears on this
financial statement.
What is the balance sheet?
4 POINTS
Accumulated depreciation appears in this
section of the balance sheet.
What is the Plant Property and
Equipment or Long term assets
section?
5 POINTS
Accumulated depreciation is considered a
______ account and carries a _______
balance.
What is contra and credit?
1 POINT
• This is the accounting word for
stolen or lost inventory.
What is shrinkage?
2 POINTS
Income statement accounts are called
temporary or nominal accounts, balance
sheet accounts are called ______ accounts.
What is real?
3 POINTS
Sales salaries, depreciation of a store, and
advertising expenses are examples of this
type of expense?
What are selling expenses?
4 POINTS
This is the journal entry to record shrinkage.
What is
Dr. COGS XX
Cr. Inv XX?
5 POINTS
Inventory is shown on the INCOME
statement as ________.
What is Cost of Goods Sold?
1 POINT
This fixed or Long Term asset is NEVER
depreciated.
What is land?
2 POINTS
Short Term liabilities are those expected to
be paid in this time period.
What is less than one year?
3 POINTS
This is the journal entry to record the sale of
merchandise for cash of $100 that had a
cost of $60.
What is:
dr. Cash 100
cr. Sales Revenue
100
dr. COGS 60
cr. Inventory
60
4 POINTS
This is the term used to describe the title of
merchandise passing from seller to buyer
when the goods are delivered to the buyer.
What is FOB destination point?
5 POINTS
What is the journal entry to record a
purchase of merchandise on account for
$1000?
What is:
Dr. Inventory 1000
Cr. A/P
1000
1 POINT
This is the number of closing entries.
What is 4?
2 POINTS
The long-term classification on a balance
sheet means that an asset or a liability is
expected to continue for _______________
(amount of time).
What is more than 1 year?
3 POINTS
Highly priced, unique assets would likely use
this inventory costing method.
What is specific identification?
4 POINTS
Sales – COGS = _________
What is gross profit?
5 POINTS
The order of the 4 closing
entries are to first close
______________, then
____________, then
_____________ and finally
close___________.
What is
Revenues, Expenses, Income
Summary, and Dividends/Drawings
1 POINT
This is the most popular inventory costing
method.
What is FIFO?
2 POINTS
These are two systems that can be used to
track inventory. (Think P’s…)
What is perpetual and
periodic?
3 POINTS
Under this inventory method of cost flows,
the inventory is assumed to be composed of
the most recent costs?
What is FIFO?
4 POINTS
Total cost of inventory divided by total units
is this inventory costing system.
What is the average cost
system?
5 POINTS
In a period of rising prices, this inventory
costing method would yield the highest net
income.
What is FIFO?
CATEGORY:
Inventory
MAKE YOUR WAGER!
ANSWER:
The amount of COGS and Ending
Inventory using Periodic LIFO:
Beg. Inv. 100@$24
1/3 Purchase 20@$30
1/15 Sale 30
1/25 Purchase 40@$35
QUESTION
What is COGS of $1050
and EI of $3350