The difference between the Cost of Goods Available and the Cost of Goods Sold is
select the action necessary to reconcile the bank statement.A company in the computer industry is experiencing continuously lower costs. Which cost flow assumption will result in less income tax expense for this company?
select the action necessary to reconcile the bank statement.
The inventory cost flow assumption where the cost of the most recent purchase is matched first against sales revenues is
select the action necessary to reconcile the bank statement.Which financial statement will allow you to determine the gross margin for a retailer or manufacturer?
Which accounting method will result in financial statements that report a more complete picture of a corporation’s financial position and a better measure of profitability during a recent accounting year?
select the action necessary to reconcile the bank statement.The bank collected a Note Receivable for the company and credited the company’s bank account for $1,000.
A company wrote a check for $76 and it cleared the bank for $76. However, the company recorded the check in its Cash account as $67. How is the difference of $9 handled on the bank reconciliation?
select the action necessary to reconcile the bank statement.Outstanding checks.
Some accounting software will classify some accounts as “income” accounts, while accountants might refer to these accounts as “revenue” accounts.
The accounts shown in the chart of accounts can be broadly classified into two categories: balance sheet accounts and ____________ accounts.
When a company pays a bill, the account Cash will be
Which term is associated with “left” or “left-side”?
Assets minus liabilities equals
The listing of all of the accounts available for use in a company’s accounting system is known as the
Accounting entries involve a minimum of how many accounts?
Unearned Revenues is what type of account?
Liabilities often have the word_________ in their account title.
Obligations (amounts owed) are reported on the balance sheet and are referred to as
Assets are usually reported on the balance sheet at which amount?
Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as
Revenues minus expenses is equal to
On the accrual basis of accounting, an expense is recorded in the accounting period when the
On the accrual basis of accounting, a revenue is recorded in the accounting period when the
The financial statement that lists the assets, liabilities, and stockholders’ (owner’s) equity on a particular date is the
The financial statement which records revenues and expenses for a period of time such as one year or one month is called the
Your score is
1 / 17
What will be the output of the following code snippet?
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What is the correct name of a process that has the same name as the class name used to destroy objects? Note – This method is called automatically when the application is at the final stage waiting for the procedure to be terminated.
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Which of the following statements correctly demonstrates the differences between ‘=’ and ‘==’ in C#?
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Which of the following gives the correct count of the constructors that a class can define?
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Which of the following operators can be used for accessing a class’s member function?
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Which of the following statements are correct for the given code snippet:
Welcome! This is the first step of your application to the WAOConnect Graduate Program. After you’ve submitted your application, you’ll be asked to complete four (4) online assessments. Altogether this will take about two (2) hours to complete.
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Dear Inventory Test
The scenario is a Chocolate Reseller Company. They have both retail and wholesale customers. They have 2 Locations, the wholesale warehouse in Albury and the retail store in Lillydale. They stock the Chocolates in Wasdale.
The chocolates are purchased from a number of different suppliers, and these are sold to retail and wholesale customers. Some of their products are:
Dark Hazelnut Chocolate Twist – SKU is DHCT500G. This product has a batch number – the batch number is made up of the expiry date of the chocolate ie 22-Feb-2021. The retail price is $5 and the wholesale price is $3.75
Caramel Chocolate Blend – SKU is CCB500G. Expiry Date: 01-Mar-2021. The retail price is $4.50 and the wholesale price is $3.50.
Chocolate Cheesecake Surprise – SKU is CCS500G. Expiry Date: 15-April-2021. The retail price is $4.75 and the wholesale price is $3.95.
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Create a detailed workflow for your DEAR Inventory Test.
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