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1. A debit is not the normal balance for which account listed below?

a. Dividends
b. Accumulated Depreciation
c. Prepaid Expense
d. Sales Discount

2. A gain or loss on disposal of a plant asset is determined by comparing the

a. replacement cost of the asset with the asset's original cost.
b. book value of the asset with the asset's original cost.
c. original cost of the asset with the proceeds received from its sale.
d. value of the asset with the proceeds received from its sale.

3. A successful discount retail store such as Walmart would probably have

a. low volume.
b. a low inventory turnover.
c. a high inventory turnover.
d. zero profit margin.

4. In periods of rising prices, which of the following inventory methods generally results in the lowest net income figure?

a. Average cost
b. Need more information to answer
c. LIFO method
d. FIFO method

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  • Category:- Accounting Basics
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