MGA 201- Midterm Review Exam Questions
With Correct Answers
Retained |Earnings |Equation |- |CORRECT |ANSWER✔✔-Beginning |retained |+ |net |income |- |
dividends= |ending |retained
Preliminary |Net |Income |Equation |- |CORRECT |ANSWER✔✔-Revenues-Expenses
Gross |Profit |Percentage |- |CORRECT |ANSWER✔✔-(Gross |Profit/net |sales) |*100
Shrinkage |- |CORRECT |ANSWER✔✔-EI |(reported) |- |EI |(Physical |Count)
Periodic |Inventory |System |- |CORRECT |ANSWER✔✔-BI |+ |P |- |EI |= |CGS
Perpetual |Inventory |System |- |CORRECT |ANSWER✔✔-BI |+ |P |- |CGS |= |EI
Gross |Profit |- |CORRECT |ANSWER✔✔-Sales |Revenue |- |Cost |of |Goods |Sold
Income |from |Operations |- |CORRECT |ANSWER✔✔-Gross |Profit |- |Selling |& |General |Expenses
Cost |of |Goods |Available |- |CORRECT |ANSWER✔✔-Beginning |Inventory |+ |Purchases
Inventory |Turnover |Ratio |- |CORRECT |ANSWER✔✔-Cost |of |Goods |Sold |/ |Average |Inventory
With Correct Answers
Retained |Earnings |Equation |- |CORRECT |ANSWER✔✔-Beginning |retained |+ |net |income |- |
dividends= |ending |retained
Preliminary |Net |Income |Equation |- |CORRECT |ANSWER✔✔-Revenues-Expenses
Gross |Profit |Percentage |- |CORRECT |ANSWER✔✔-(Gross |Profit/net |sales) |*100
Shrinkage |- |CORRECT |ANSWER✔✔-EI |(reported) |- |EI |(Physical |Count)
Periodic |Inventory |System |- |CORRECT |ANSWER✔✔-BI |+ |P |- |EI |= |CGS
Perpetual |Inventory |System |- |CORRECT |ANSWER✔✔-BI |+ |P |- |CGS |= |EI
Gross |Profit |- |CORRECT |ANSWER✔✔-Sales |Revenue |- |Cost |of |Goods |Sold
Income |from |Operations |- |CORRECT |ANSWER✔✔-Gross |Profit |- |Selling |& |General |Expenses
Cost |of |Goods |Available |- |CORRECT |ANSWER✔✔-Beginning |Inventory |+ |Purchases
Inventory |Turnover |Ratio |- |CORRECT |ANSWER✔✔-Cost |of |Goods |Sold |/ |Average |Inventory