Expenses to promote sales by displaying and advertising merchandise, make sales, and deliver goods to customers are known as:
A. General and administrative expenses.
B. Selling expenses.
C. Non-operating activities.
D. Purchasing expenses.
E. Cost of goods sold.
Answer: B
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A firm sells its headquarters building at a gain. This means that at the time of sale
a. the cash or other assets received were greater than the building's book value. b. the cash or assets received in a transaction were less than the carrying value of the assets given up. c. the cash or other assets received were greater than the building' carrying value. d. the cash or assets received in a transaction were less than the building's book value. e. both choices a and c are correct.
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a. 10% b. 15% c. 73% d. 98%
The inventory turnover ratio is calculated as:
A. ending inventory divided by cost of goods sold. B. average inventory divided by cost of goods sold. C. cost of goods sold divided by sales. D. cost of goods sold divided by average inventory.
Which of the following is not a feature of universal life insurance?
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