Ch05会计学原理怀尔德21版答案.docx

Chapter 5 Accounting for Merchandising OperationsTrue /False Questions?1.?Merchandise inventory consists of products that a company acquires to resell to customers.?Answer: True ?Blooms: RememberAACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 1 EasyLearning Objective: 05-C1Topic: Merchandising Companies and Activities?2.?A service company earns net income by buying and selling merchandise.?Answer: False?Blooms: Remember AACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 1 EasyLearning Objective: 05-C1Topic: Merchandising Companies and Activities?3.?Gross profit is also called gross margin.?Answer: True?Blooms: RememberAACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 1 EasyLearning Objective: 05-C1Topic: Merchandising Companies and Activities ?4.?Cost of goods sold is also called cost of sales.?Answer: True?Blooms: RememberAACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 1 EasyLearning Objective: 05-C1Topic: Merchandising Companies and Activities 5.?A wholesaler is an intermediary that buys products from manufacturers or other wholesalers and sells them to consumers.?Answer: False ?Blooms: Remember AACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 1 Easy Learning Objective: 05-C1Topic: Merchandising Companies and Activities?6.?A retailer is an intermediary that buys products from manufacturers and sells them to wholesalers.?Answer: False ?Blooms: RememberAACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 1 Easy Learning Objective: 05-C1Topic: Merchandising Companies and Activities ?7.?Cost of goods sold represents the cost of buying and preparing merchandise for sale.?Answer: True?Blooms: RememberAACSB: CommunicationAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: 1 EasyLearning Objective: 05-C1Topic: Merchandising Companies and Activities ?8.?A company had sales and cost of goods sold of $350,000 and $200,000,