Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 1, Problem 8MC
Which of the following is not an example of a retailer?
A. electronics store
B. grocery store
C. car dealership
D. computer manufacturer
E. jewelry store
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If you are a jewelry store, what inventory system is applicable to you? How about for a hardware store? Explain your answers.
From the following examples, select which one is a transaction.
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a seller receiving payment from a buyer while giving him the item he bought
b.
a buyer searching for information in the internet and his friends
c.
a girl window-shopping in a store for things she want to buy
d.
a shopper comparing products of different products in different stores
Which of the following will be called as a Merchandising Business?
a.
Receives a loan from bank
b.
Earns net income by buying goods only
c.
Earns profits from commission only
d.
Earns net income by buying and selling merchandise
Chapter 1 Solutions
Principles of Accounting Volume 1
Ch. 1 - Accounting is sometimes called the language of...Ch. 1 - Financial accounting information ________. A....Ch. 1 - External users of financial accounting information...Ch. 1 - Which of the following groups would have access to...Ch. 1 - All of the following are examples of managerial...Ch. 1 - Which of the following is not true? A....Ch. 1 - The primary purpose of what type of business is to...Ch. 1 - Which of the following is not an example of a...Ch. 1 - A governmental agency can best be described by...Ch. 1 - Which of the following is likely not a type of...
Ch. 1 - Which of the following is not considered a...Ch. 1 - Stockholders can best be defined as which of the...Ch. 1 - Which of the following sell stock on an organized...Ch. 1 - All of the following are sustainable methods...Ch. 1 - The accounting information of a privately held...Ch. 1 - Which of the following skills/attributes is not a...Ch. 1 - Which of the following is typically required for...Ch. 1 - Typical accounting tasks include all of the...Ch. 1 - What type of organization primarily offers tax...Ch. 1 - Most states require 150 semester hours of college...Ch. 1 - Research your top five career choices. Identify...Ch. 1 - Using the same top five career choices, identify...Ch. 1 - Think about a recent purchase you made. Describe...Ch. 1 - Computerized accounting systems help businesses...Ch. 1 - The following information was taken from the...Ch. 1 - The following chart shows the price of Netflix...Ch. 1 - Use the internet to research one for-profit, one...Ch. 1 - Use the internet to research one manufacturing,...Ch. 1 - Assume you are considering opening a retail...Ch. 1 - Uber and Lyft are two popular ride-sharing...Ch. 1 - How would you categorize or classify a company...Ch. 1 - Charity Navigator...Ch. 1 - Use the internet to visit the Securities and...Ch. 1 - Imagine that you have just been elected president...Ch. 1 - According to a company press release, on January...Ch. 1 - The Dow Jones Industrial Average (DJIA) is often...Ch. 1 - Many professional certifications now have...Ch. 1 - The Certified Public Accountant (CPA) exam is a...
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- Assume you are considering opening a retail business. You are trying to decide whether to have a traditional brick-and-mortar store or to sell only online. Explain how the activities and costs differ between these two retail arrangements.arrow_forwardWhich of the following would normally be classified as a Selling expense of Merchandising business? a. Insurance expense of the office b. Rent expense of the office c. Advertising expense d. Telephone expense of the officearrow_forwardWhich of the following business uses perpetual inventory system? a.Pharmacy b.Barber c.Tailor d.Cold store (small)arrow_forward
- What are the specific accounting policies that a bookstore businesses should have? Provide a specific example.arrow_forwardMustafa Computer Supplies LLC is selling computer accessories for wholesale and retail business. Which of the following is False Statement? a. Mustafa Computer Supplies LLC is doing a retail business b. Mustafa Computer Supplies LLC is a merchandise business c. Mustafa Computer Supplies LLC is a doing a manufacturing business d. Mustafa Computer Supplies LLC is doing a wholesale businessarrow_forwardWhich of the following will be called as an expense of a Merchandise business? a. Sale of Merchandise inventory b. Trade discount c. Cost of goods sold d. Loan from bank Muscatarrow_forward
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- You own a clothing store and use a periodic inventory system. Research like companies in the clothing industry and answer the following questions. Which inventory system is most used in clothing stores, periodic or perpetual? Why can periodic inventory reporting be a better approach to use than perpetual inventory reporting for this type of industry? What are some of the advantages and disadvantages to the periodic inventory method? What other types of businesses may use the periodic inventory method rather than the perpetual method?arrow_forwardWhat accounts are used to recognize a retailers purchase from a manufacturer on credit? A. accounts receivable, merchandise inventory B. accounts payable, merchandise inventory C. accounts payable, cash D. sales, accounts receivablearrow_forwardWhich of the following is not a characteristic of FOB Shipping Point? A. The buyer pays for shipping. B. The buyer owns goods in transit. C. The point of transfer is when the goods leave the sellers place of business. D. The point of transfer is when the goods arrive at the buyers place of business.arrow_forward
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