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BBA2201 CSU Unit V Merchandise Inventory Accounting Systems Assessment

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Review Test Submission: Unit V Assessment • Question 1 5 out of 5 points Which of the following is not recorded in a modern perpetual inventory system? Selected Answer: Correct Answer: • Customer account numbers and balances owed from the sale of merchandise inventory Customer account numbers and balances owed from the sale of merchandise inventory Question 2 5 out of 5 points What does "2/10" mean, with respect to "credit terms of 2/10, n/30"? Selected Answer: Correct Answer: • A discount of 2 percent will be allowed if the invoice is paid within 10 days of the invoice date. A discount of 2 percent will be allowed if the invoice is paid within 10 days of the invoice date. Question 3 5 out of 5 points A company using the perpetual inventory system purchased inventory worth $21,000 on account with terms of 3/10, n/30. Defective inventory of $1,000 was returned two days later, and the accounts were appropriately adjusted. If the invoice is paid within 10 days, the amount of the purchase discount that would be available to the company is ________. Selected Answer: $600 Correct Answer: $600 • Question 4 5 out of 5 points The term "freight out" refers to __________. Selected Answer: transportation costs on sales Correct Answer: transportation costs on sales • Question 5 5 out of 5 points Merchandise inventory accounting systems can be broadly categorized into two types. They are __________. Selected Answer: perpetual and periodic Correct Answer: perp ...
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