ACCT 625 Ch04 TB
in Accounting by neel
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CHAPTER 4
MULTIPLE CHOICE
1.Gross profit is the difference between:
a.
net income and operating income
b.
revenues and expenses
c.
sales and cost of goods sold
d.
income from continuing operations and discontinued operations
e.
gross sales and sales discounts
ANS:C
2.Which of the following would be included in operating income?
a.
interest income for a manufacturing firm
b.
rent income for a leasing subsidiary
c.
gain from sale of marketable securities for a retailer
d.
dividend income for a service firm
e.
none of the answers are correct
ANS:B
3.The following relate to Data Original in 2010. What is the ending inventory?
Purchases
540,000
Beginning Inventory
80,000
Purchase Returns
10,000
Sales
800,000
Cost of Goods Sold
490,000
a.
120,000
b.
140,000
c.
210,000
d....
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