irections: Read the given sentences carefully. Select the best answer from the choices given below. Write your answer on the space provided before each item. (1 point each) Gains Purchases Sales Income Gross Profit Sales Discount Selling expenses Professional Fee Net Income Sales return Operating expenses Cost of Goods Sold Service Income 1. An example of service revenue. 2. The revenue generated from the sale of products. 3. It is computed by deducting the cost of sales from net sales. 4. It is used to describe revenue derived from the rendering of services. 5. A type of income derived from the other activities of the business. 6. The account used to report the acquisitions of merchandise for sale. mo oc 7. It represents the actual cost of inventories that the company was able to sell. 8. These are expenses that are directly related to the main purpose of a merchandising business. 9. A contra-sales account that is used to report the amount of discount given to or taken by the customers. 10. It refers to all other expenses related to the operation of the business such as salary of employees, utility expense and supplies expense.

irections: Read the given sentences carefully. Select the best answer from the choices given below. Write your answer on the space provided before each item. (1 point each) Gains Purchases Sales Income Gross Profit Sales Discount Selling expenses Professional Fee Net Income Sales return Operating expenses Cost of Goods Sold Service Income 1. An example of service revenue. 2. The revenue generated from the sale of products. 3. It is computed by deducting the cost of sales from net sales. 4. It is used to describe revenue derived from the rendering of services. 5. A type of income derived from the other activities of the business. 6. The account used to report the acquisitions of merchandise for sale. mo oc 7. It represents the actual cost of inventories that the company was able to sell. 8. These are expenses that are directly related to the main purpose of a merchandising business. 9. A contra-sales account that is used to report the amount of discount given to or taken by the customers. 10. It refers to all other expenses related to the operation of the business such as salary of employees, utility expense and supplies expense.

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E

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