Accounting Quiz on Merchandising Concepts

The discount that is not recorded in the books of the business is
Select one:
a. Trade discount
b. Purchase discount
c. Sales discount
d. Cash Discount
Term for revenue of a merchandiser

Select one:
a. Gross Profit
b. Sales
m
er as
co
c. Freight-in
eH w
d. Merchandising
o.
rs e
ou urc
________is the cost of transporting the goods from the supplier to the merchandiser/buyer.
Select one:
a. Merchandiser or trader
o
aC s
b. Merchandising
vi y re
c. Freight in or transportation in
ed d
d. Cost of goods sold or cost of sales

ar stu
Purchases of merchandise under the perpetual inventory system will be recorded by debiting
_______.
is
Select one:
a. Sales discount
Th
b. Cash
sh
c. Merchandise Inventory
d. Periodic
It is the cost of transporting the goods from the merchandiser to the ultimate consumer.
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Select one:
a. Transportation in
b. Delivery expense
c. F.O.B.
d. Freight in
It is a business combining raw materials, labor and overhead to produce finished goods to sell.
Select one:
a. Merchandising
b. Buy and Sell
m
c. Manufacturing
er as
co
d. Service Concern
eH w
o.
rs e
Purchases of merchandise debited to Merchandise inventory
ou urc
Select one:
a. Trade discount
o
b. Freight-in
aC s
vi y re
c. Purchase Discount
d. Periodic Inventory System

ed d
Excess of net sales over cost of goods sold

ar stu
Select one:
a. Freight-in
is
b. Sales
Th
c. Merchandising
d. Gross Profit
sh
______is a business involving buying goods and selling it in its original form.
Select one:
a. Freight in or transportation in
b. Cost of goods sold or cost of sales
c. Merchandising
d. Merchandiser or trader
Cost of transporting goods from supplier to the buyer

Select one:
a. Freight-in
b. Sales
m
er as
c. Gross Profit
co
eH w
d. Merchandising
o.
rs e
ou urc
Discount not recorded in the seller's books
Select one:
o
a. Trade discount
aC s
vi y re
b. Freight-in
c. Purchase Discount
ed d
d. Periodic Inventory System

ar stu
is
Buy and Sell business

Th
Select one:
a. Sales
b. Gross Profit
sh
c. Freight-in
d. Merchandising
The discount given by the supplier to a trader will be recorded in the latter's books as
Select one:
a. Purchase discount
b. Sales discount
c. Trade discount
d. All of these
Discount received by the merchandiser for paying on time
m
Select one:
er as
a. Purchase Discount
co
eH w
b. Periodic Inventory System
o.
c. Trade discount
rs e
ou urc
d. Freight-in
o
aC s
vi y re
n the income statement of a merchandising firm, the gross profit is arrived at by subtracting
_____from net sales.
Select one:
a. Cost of goods sold or cost of sales
ed d
ar stu
b. Sales discount
c. Turnover
is
d. Merchandise Inventory
Th
sh
Following are selected purchase transactions of Mr. Cruz, a merchandiser, during April of the
current year:
April 8 Purchased merchandise from ABC Textile Corporation worth P 100,000, FOB Destination.
Freight reported is P 15,000. Terms of payment: 2/10, n/30.
April 10 Returned defective merchandise purchased on the 8th, P 10,000.
April 17 Paid ABC Textile Corporation.
April 20 Purchased merchandise worth P 50,000 from RST Trading. Cebu City. Transportation- in is
P 5,000. Terms: FOB shipping point; Terms of payment: n/30. The shipment arrived at the Port of
Manila, A
April 25 Merchandise purchased from XYZ Clothing Co., P 80,000, FOB shipping point. Freight
charges, P 6,500, Terms of payment: n/30. Shipment arrived at the Port of Manila on May 2.
The net purchases to be reported on April 30 is
Select one:
a. P 220,000
m
er as
b. P140,000
co
eH w
c. P145, 000
o.
d. P 155,000
rs e
ou urc
Following are selected purchase transactions of Mr. Cruz, a merchandiser, during April of the
o
current year:
aC s
vi y re
April 8 Purchased merchandise from ABC Textile Corporation worth P 100,000, FOB Destination.
Freight reported is P 15,000. Terms of payment: 2/10, n/30.
ed d
April 10 Returned defective merchandise purchased on the 8th, P 10,000.

ar stu
April 17 Paid ABC Textile Corporation.

is
Th
April 20 Purchased merchandise worth P 50,000 from RST Trading. Cebu City. Transportation- in is
P 5,000. Terms: FOB shipping point; Terms of payment: n/30. The shipment arrived at the Port of
Manila, A
sh
April 25 Merchandise purchased from XYZ Clothing Co., P 80,000, FOB shipping point. Freight
charges, P 6,500, Terms of payment: n/30. Shipment arrived at the Port of Manila on May 2.
The freight that will be paid by the buyer is
Select one:
a. P11,500
b. P26,500
c. P5,000
d. P21,500
The detailed record of individual accounts is

Select one:
a. Special Journal
b. Sales Journal
m
er as
c. Purchases Journal
co
eH w
d. Subsidiary Ledger
o.
rs e
ou urc
What journal will you use to record the following transaction:Cash sale of merchandise inventory.
Select one:
o
a. Cash Receipts Journal

aC s
vi y re
b. Cash Payments Journal
c. Purchases Journal
ed d
d. General Journal
ar stu
is
What journal will you use to record the following transaction:Sales of merchandise inventory on
credit.
Th
Select one:
a. Sales Journal
sh
b. General Journal
c. Cash Receipts Journal
d. Purchases Journal
It is used to summarize the collectibles and payments from every individual or customer.
Select one:
a. Accounts Payable Subsidiary Ledger
b. Sales Journal
c. General Journal
d. Accounts Receivable Subsidiary ledger
Cost of transporting goods from supplier to the buyer

Select one:
a. Merchandising
m
er as
b. Freight-in
co
eH w
c. Sales
o.
d. Gross Profit rs e
ou urc
o
It is a detailed record of individual customer's accounts.

aC s
vi y re
Select one:
a. Accounts Receivable subsidiary ledger
b. Cash Payments Journal

ed d
ar stu
c. Cash Receipts Journal
d. Special Journals
is
Th
Excess of net sales over cost of goods sold

Select one:
sh
a. Sales
b. Gross Profit
c. Merchandising
d. Freight-in
m
er as
co
eH w
o.
rs e
ou urc
o
aC s
vi y re
ed d
ar stu
is
Th
sh
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The discount that is not recorded in the books of the business is

Term for revenue of a merchandiser

d. Cost of goods sold or cost of sales

b. Buy and Sell

d. Periodic Inventory System

Excess of net sales over cost of goods sold

b. Cost of goods sold or cost of sales

Cost of transporting goods from supplier to the buyer

d. Periodic Inventory System

Buy and Sell business

Discount received by the merchandiser for paying on time

April 17 Paid ABC Textile Corporation.

April 10 Returned defective merchandise purchased on the 8th, P 10,000.

April 17 Paid ABC Textile Corporation.

The detailed record of individual accounts is

a. Cash Receipts Journal

b. Cash Payments Journal

c. Cash Receipts Journal

d. Accounts Receivable Subsidiary ledger

Cost of transporting goods from supplier to the buyer

It is a detailed record of individual customer's accounts.

b. Cash Payments Journal

c. Cash Receipts Journal

Excess of net sales over cost of goods sold

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