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Acc > Ch.4 MCQs > Flashcards

Ch.4 MCQs Flashcards

1
Q

Formula por gross profit

A

Net sales-cost of goods sold

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2
Q

What is the acid-test ratio

A

quick assets/ current liabilities

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3
Q

What falls under quick asserts?

A

Cash
Short-term investments
Acc. receivable

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4
Q

What is the gross margin RATIO?

A

Net sales -COGS/ net sales

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5
Q

Can discounts be taken on the transportation cost?

A

No

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6
Q

How do you calculate the gross margin?

A

Net sales- COGS

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7
Q

How do you calculate operating expenses?

A

Gross margin- net income

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