FNSACC321_322_421 Quiz 9 - review
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31/12/2023, 12:36
FNSACC321/322/421 Quiz 9 - review
https://training.monarch.edu.au/mod/quiz/review.php?attempt=1609661&cmid=28804
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Well done - you can attempt the following related 'Chapter Quiz'.
Under the periodic method of inventory, the acquisition of inventory
is recorded in the:
Select one:
a. Purchases (expense) account at the selling price (i.e. the
price the business sells the goods to customers)
b. Inventory (asset) account at cost price
c. Inventory (asset) account at the selling price (i.e. the price the
business sells the goods to customers)
d. Purchases (expense) account at cost price
Correct
Assuming the Perpetual Inventory Method is used, if sales are
$75,000, cost of goods sold $50,000, opening inventory $20,000
and closing inventory $15,000, what is the Gross Profit?
Select one:
a. $10,000
b. $30,000
c. $25,000
Correct
d. $20,000
31/12/2023, 12:36
FNSACC321/322/421 Quiz 9 - review
https://training.monarch.edu.au/mod/quiz/review.php?attempt=1609661&cmid=28804
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The Perpetual Inventory Method results in:
Select one:
a. a higher Cost of Goods Sold than the Periodic Inventory
Method
b. the same Gross Profit as the Periodic Inventory Method
Correct
c. a higher Gross Profit than the Periodic Inventory Method
d. a lower Gross Profit than the Periodic Inventory Method
Which of the following is not an advantage of the Periodic Inventory
System?
Select one:
a. Greater control over inventory
Correct
b. Simpler records
c. More suited to manual accounting systems
d. Suitable for small businesses without computer assistance
Which of the following is an advantage of the Perpetual Inventory
System?
Select one:
a. Inventory records are continually updated
Correct
b. Results in a higher Gross Profit than the periodic method
c. Does not require computers
d. Simpler records
31/12/2023, 12:36
FNSACC321/322/421 Quiz 9 - review
https://training.monarch.edu.au/mod/quiz/review.php?attempt=1609661&cmid=28804
3/7
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1.00
Question 7
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Question 8
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Cost of Goods Sold is calculated as:
Select one:
a. Opening Inventory plus Sales minus Purchases minus
Closing Inventory
b. Opening Inventory plus Purchases plus Closing Inventory
c. Opening Inventory plus Purchases minus Closing Inventory
Correct
d. Opening Inventory minus Purchases minus Closing Inventory
Cost of Goods Sold is deducted from which account to determine
Gross Profit?
Select one:
a. Cost of Goods Available for Sale
b. Closing Inventory
c. Sales
Correct
d. Purchases
Assuming the Periodic Inventory Method is used, if sales are
$70,000, purchases $30,000, opening inventory $5,000 and the
closing inventory $7,000, what is the Gross Profit?
Select one:
a. $30,000
b. $28,000
c. $42,000
Correct
d. $40,000
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Revisit
Choose the best option
Suppose that an entity has paid one of its liabilities twice during the year, in error The effects of this
O Assets, liabilities, and equity are understated.
mistake would be
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O Assets and liabilities are understated.
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Provide any additional journal entries or adjusting journal entries needed to properly record accounts receivable
and allowance for doubtful accounts.
→ BrandMakers maintains a subsidiary ledger for accounts receivable.
→ Note that BrandMakers does not offer sales discounts. Also, BrandMakers does not have one
uniform set of payment terms.
→ Payment terms are specified in the contract.
→ In prior years, BrandMakers utilized the following percentages as estimates of uncollectible
accounts. BrandMakers will use the same percentages in the current year.
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1-30 days past due
31-60 days past due
Greater than 60 days past due
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to be Uncollectible
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Which of the following is in accordance with generally accepted accounting principles?
Accrual-basis accounting
Cash-basis accounting
Both accrual-basis and cash-basis accounting
Neither accrual-basis nor cash-basis accounting
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Conduct the below exercise
Step-1: Click the link
The student can use any of the below links to download the same
a) https://www.imf.org/-
/media/Files/Publications/WEO/2021/Update/January/English/data/WEOJan2021updat
e.ashx
b) https://www.imf.org/en/Publications/WEO/Issues/2021/01/26/2021-world-economicoutlook-
update
(And click on download data)
Step-2: Answer the below questions
What do you understand by Real GDP? What is the Real GDP Growth Rate of India and
China in 2019? What is the estimated real GDP growth rate of India and China in 2020?
What is the projected real GDP growth rate of India and China in 2021 and 2022?
What is the estimated 2022 GDP Loss (in percentage) in comparison to pre-covid levels
(January 2020 forecast) in China and Other Emerging Economies in Asia other than
China?
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The answer choices is going to be 1-5. Im assuming you have to put it in order.
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* CengageNOWv2 | On x
* Cengage Learning
B Milestone Two Guidel x
G module 5 problem set x
om/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=.
O eBook
Show Me How
Journalizing Installment Notes
On the first day of the fiscal year, a company issues $52,000, 11%, five-year installment notes that have annual payments of $14,070. The first note
payment consists of $5,720 of interest and $8,350 of principal repayment.
a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank.
b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank.
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