Elementary Accounting

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MGT | 11A | Elementary Accounting | exam |  5 $ !% 

41. Revenues, expenses, and dividends accounts, which are closed at the end of each accounting period are: A) Real accounts. B) Temporary accounts. C) Closing accounts. D) Permanent accounts. E) Balance sheet accounts. 42. A company had sales of $695,000 and its cost of goods sold of $278,000. Its gross margin equals: A) $(417,000). B) $ 695,000. C) $ 278,0

MGT | 11A | Elementary Accounting | exam | 41. Revenues  expenses  and di

Exam 1 Fall 2007 Key 1. Accounting is an information and measurement system that: A. Identifies business activities. B. Records business activities. C. Communicates business activities. D. Helps people make better decisions. E. All of the above. Difficulty: Medium Learning Objective: C1 Wild - Chapter 01 #94 2. The accounting guideline prescribing th

MGT | 11A | Elementary Accounting | exam | Exam 1 Fall 2007 Key 1. Accoun

A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On November 6, they purchased 6 units at $25 each. On November 8, 8 units were sold for $55 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale? A. $304 B. $296 C. $288 D. $280 E. $276 Answ

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