1. What is cost of merchandise available for sale?
cost of good sold
same as gross profit
the sum of beginning inventory and purchases
assets and revenue
2. How many columns does the worksheet have?
4
6
8
10
3. If the account is an asset on the trial balance, which column on the worksheet should it be extended to?
balance sheet debit
balance sheet credit
income statement debit
income statement credit
4. An expense on the trial balance should be extended to which column?
balance sheet debit
balance sheet credit
income statement debit
income statement credit
5. An account on the trial balance that is a liability, should also be on the?
balance sheet debit
balance sheet credit
income statement debit
income statement credit
6. Sales on the trial balance should also appear on what column?
balance sheet debit
balance sheet credit
income statement debit
income statement credit
7. If you wanted to add up all numbers in a column and the first cell was G4 and the last cell was G85, what should the formula look like?
g4 + g85
sum(g4:g85)
=sum(g4:g85)
=g4:g85
8. If an account number starts with a 6, which two columns should it be on in the worksheet?
trial balance debit and income statement debit
trial balance debit and balance sheet debit
trial balance credit and income statement credit
trial balance debit and balance sheet credit
9. If and account number starts with 4, in what two columns should the number appear?
trial balance debit and balance sheet debit
trial balance debit and income statement debit
trial balance credit and balance sheet credit
trial balance credit and income statement credit
10. What two asset accounts does Bromley's depreciate?
inventory and auto
furniture and office equipment
cash and accounts receivable
none of the above
11. Which inventory evaluation method did we use for Bromley's Formal Wear?
first in first out
retail
gross profit
average cost
12. To determine if our worksheet is in balance?
make sure trial balance numbers are the same
the difference between income statement debit and credit columns is the same as the difference between balance sheet debit and credit columns
balance sheet columns should be the same
income statement columns should be the same
13. The net income on the worksheet can be found by?
adding the income statement debit and credit columns together
finding the difference between the income statement debit and credit columns
adding balance sheet debit and credit columns together
net income cannot be determined using an eight-column worksheet
14. How do merchandise and depreciation adjustments get into the general ledger?
they are journalized and posted
they do not belong in the general ledger
adjustments cannot be made to general ledger accounts
put them into the accounts receivable ledger
15. What is the approximate cost of goods sold percentage for clothing stores?
20%
30%
40%
50%
Chapter 11 Accounting Test