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Financial Accounting > Account Normal Balances (CHT 5) > Flashcards

Account Normal Balances (CHT 5) Flashcards

1
Q

What is the type of account and normal balance of Cost of Goods Sold?

A

Debit; Expense

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2
Q

What is the type of account and normal balance of Sales Returns and Allowances?

A

Debit; Contra Revenue

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3
Q

What is the type of account and normal balance of Sales Discount?

A

Debit; Contra Revenue

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4
Q

What is the type of account and normal balance of Merchandise Inventory?

A

Debit; Asset

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5
Q

What is the type of account and normal balance of Sales?

A

Credit; Revenue

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6
Q

What is the type of account and normal balance of Quantity Discount?

A

Debit; Contra Revenue

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7
Q

What is the type of account and normal balance of Freight Out?

A

Debit; Expense; FOB Destination (Paid by Seller)

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8
Q

What is the type of account and normal balance of Freight In?

A

Debit; Expense; FOB Shipping (Paid by Buyer)

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9
Q

What is the type of account and normal balance of Purchases?

A

Debit; Asset

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10
Q

What is the type of account and normal balance of Purchase Discounts?

A

Credit; Contra Asset

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11
Q

What is the type of account and normal balance of Purchase Returns and Allowances?

A

Credit; Contra Asset

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12
Q

How to calculate Gross Profit Margin?

A

Gross Profit/ Net Sales

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13
Q

How to calculate Profit Margin?

A

Profit/ Net Sales

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14
Q

How to calculate Profit from Operations?

A

Gross Profit - Operating Expenses

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15
Q

How to calculate Net Sales?

A

Sales - Sales Discounts, Allowances, Returns

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16
Q

How to calculate Net Purchases?

A

Purchases - Purchase Discounts, Allowances, Returns

17
Q

What is Gross Sales?

A

Total Sales before - contra revenue accounts

18
Q

How to calculate Gross Profit?

A

Net Sales - Cost of Goods Sold

19
Q

How to calculate Cost of Goods Sold in Periodic Inventory System?

A

Beginning Inventory + Cost of Goods Purchases - Ending Inventory = COGS

20
Q

What is Cost of Goods Available for Sale?

A

Beginning Inventory (Cost of goods on hand at start) + Purchases (cost of goods purchased during the period)

21
Q

How to calculate Cost of Goods Purchased?

A

Net Purchases + Freight In

Financial Accounting (18 decks)

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