Interest Expense is
A) a cost of borrowing money.
B) included in the "Other Expenses" on the income statement.
C) has a normal debit balance.
D) All of the above are correct.
52) Mortgage Payable
A) has a debit balance.
B) has a credit balance.
C) shows the amount owed on a mortgage.
D) Both B and C are correct.
53) In the periodic inventory system the inventory balance is
A) updated only at the end of the period.
B) updated at the beginning of the period.
C) continually updated throughout the year.
D) adjusted only every three months.
54) Merchandise inventory is not
A) goods a company plans to sell to its customers.
B) a current asset on the balance sheet.
C) an important item on a merchandise company's financial statements.
D) a long term asset.
55) The periodic inventory system's ending inventory is determined by
A) subtracting purchases from beginning inventory.
B) adding purchases and freight-in less beginning inventory.
C) taking a physical count of merchandise on hand.
D) subtracting sales minus cost of goods sold.
56) The dollar amount determined by a physical count of merchandise on hand at the end of the period is called
A) beginning inventory.
B) ending inventory.
C) periodic inventory.
D) perpetual inventory.
57) Beginning Inventory is $65, Net Purchases are $1,000, and Sales Returns and Allowances are $200. Goods Available for Sale is
58) The beginning inventory for the current period is
A) a periodic inventory.
B) subtracted to get cost of goods sold.
C) the beginning inventory last period.
D) the ending inventory last period.
59) Assuming a periodic system, the beginning inventory
A) in the current period is a periodic inventory.
B) in the current period is a perpetual inventory.
C) in the current period is the beginning inventory last period.
D) remains unchanged during the accounting period.
60) Under a periodic inventory system, cost of goods sold is computed by
A) deducting the cost of the ending inventory from the net cost of purchases.
B) deducting the cost of the ending inventory from the cost of merchandise available for sale.
C) deducting the cost of the beginning inventory from the cost of merchandise available for sale.
D) adding the net cost of purchases to the cost of the ending inventory.
61) At the end of the fiscal period the merchandise inventory account
A) will have a zero balance.
B) will have the same balance as the beginning inventory.
C) will have been transferred to the balance sheet credit column.
D) will have been transferred to the balance sheet debit column.
62) The periodic inventory system updates the record of goods on hand
C) as transactions occur.
D) at the end of the accounting period.
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