Beruflich Dokumente
Kultur Dokumente
1.
When a corporation sells merchandise and the terms are FOB shipping point and pays
the shipping costs, the seller would record the transportation costs with the following
entry:
A.
B.
C.
D.
2.
3.
RM6,860.00
RM6,982.50
RM7,000.00
RM6,985.00
6.
RM11,662
RM11,672
RM12,250
RM11,172
Merchandise with an invoice price of RM7,000 is purchased with terms of 2/10, n/30,
FOB shipping point. Transportation costs paid by the buyer were RM125. What is the
cost of the merchandise purchased if payment is made during the discount period?
A.
B.
C.
D.
5.
4.
asset.
expense.
liability.
revenue.
D. 30 days.
7.
8.
9.
sales account.
cost of merchandise sold account.
transportation in account.
transportation out account.
In a perpetual inventory system, what accounts are credited when a customer returns
merchandise to the seller?
A.
B.
C.
D.
10. Merchandise subject terms 2/10, n/ 30, FOB destination, is sold on account to a
customer for RM15,000. The purchaser returns RM2,000 of merchandise within the
discount period. Assuming payment is made within the discount period, what is the
amount of cash discount allowable?
A.
B.
C.
D.
RM300
RM260
RM400
RM150
RM300,000
RM400,000
RM600,000
RM900,000
RM9,800
B.
C.
D.
RM19,600
RM14,700
RM10,000
13. If merchandise is sold on account to a customer for RM1,000, terms FOB shipping
point, 1/10, n/30, and the seller prepays RM50 in transportation costs, the amount of
the discount for early payment would be:
A.
B.
C.
D.
RM0
RM5.00
RM10.50
None of the above
14. Difference between net sales and the cost of goods sold is called as:
A.
B.
C.
D.
Cash discount
Gross profit
Discount period
FOB destination
15. The income statement in which the total of all expenses is deducted from the total of
all revenues is termed the:
A.
B.
C.
D.
Multiple-step form
Double-step form
Account form
Single-step form
17. Credit terms are 3/12, n/30 indicates that the buyer is:
A. Allowed a 30% discount if payment is made within 12 days
B.
Allowed a 12% discount if payment is made within 30 days
C.
Allowed a 3% discount if payment is made within 12 days
D. Allowed a 3% discount if payment is made within 30 days
18. Which of the following account would the seller debit when the purchaser takes
advantage of credit terms within the discount period?
A.
B.
C.
D.
Purchase Discount
Purchase Returns and Allowances
Sales Returns and Allowances
Sales Discount
19.
20.
The collection of a RM400 account within the 2 percent discount period would result
in a(n)
A.
increase to Accounts Receivable for RM392.
B.
decrease to Cash for RM392.
C.
increase to Sales Discounts for RM8.
D.
decrease to Accounts Receivable for RM392.
PART (B):
Questions are taken from the main text book @ Rosli,M., Junaidah,H.A., Mudzamir, M. et.
Al (2011). Accounting-A Malaysian Perspective 4E Edition, Cengage, Singapore.
ANSWER:
1.
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3.
4.
5.
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8.
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20.