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Ahat [919]
3 years ago
12

Mr. Etemadi has prepared the following list of statements about service companies and merchandisers.

Business
1 answer:
lions [1.4K]3 years ago
6 0

Answer:

1.True

2.False

3.True

4.True

5.False

6.False

7.True

8.False

Explanation:

1. Measuring net income for a merchandiser is conceptually the same as for a service company.

Net Income = Sales - Expenses

2. For a merchandiser, sales less operating expenses is called gross profit.

Gross Profit = Sales less Cost of Sales

3. For a merchandiser, the primary source of revenues is the sale of inventory.

Merchandiser purchases inventory for resale.

4. Sales salaries and wages is an example of an operating expense.

Operating Expenses are expenses incurred to derive income in primary activities of a company

5. The operating cycle of a merchandiser is the same as that of a service company.

The service company can have client work outstanding at end of year but this differs from that of a merchandiser

6. In a perpetual inventory system, no detailed inventory records of goods on hand are maintained.

Detailed records are kept after every sale

7. In a periodic inventory system, the cost of goods sold is determined only at the end of the accounting period.

After a given period cost of sales and inventory balances are determined -opposite of perpetual

8. A periodic inventory system provides better control over inventories than a perpetual system.

Perpetual is even better as it keeps track of both inventory and cost of goods sold after every sale

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In the workplace leaders at every level in every department are important if the company is going to suceed. True or False
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The following are all examples of abnormal items disclosed by the company, except: (4 points) A) Goodwill Impairment Charges B)
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Answer:

Correct Answer:

B) Royalty Expense

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Answer:

c. cost-leadership strategy

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What is a guardian for a kid?

A guardian is a person who has the legal authority to attend to a baby have to whatever appear to the parents. Guardians are answerable for taking all parental choices and can also be chargeable for coping with a toddler's property and inheritance.

Why might a infant want a guardian?

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Learn more about guardian here:- brainly.com/question/27768834

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