(answered) – 1) Gross Profit is ? A)Equal to net income B)Sales revenue lessDescriptionSolution downloadThe Question1) Gross Profit is ? A)Equal to net income B)Sales revenue less all costs of running the business C)Net difference between cost of inventory sold and sales proceeds D)None of these define gross profit.2)All of the following are considered part of inventory cost except? A) Freight B)storage cost C)invoice price D)production labor3) In a period of rising raw material costs the inventory cost flow assumption that will provide the firm with the highest net income would be? A)First in/first out (FIFO) B)Last in/first out C)Average cost D)Last in/last out4)A physical inventory ? A)means describing he physical condition of goods in storage B) would include consigned materials on hand from the firms supplier C)is only done if a firm suspects theft D)Is the process of actually counting and valuing goods on hand.5)Property, Plant, and Equipment normally includes all of the following except? A) Land B) Building C) Goodwill D) Equiptment6)All of the following costs would be included in the cost of a piece of equipment purchased except? A)permits B) sales tax C)installation D)repair parts needed to repair damage during shipment.7)When putting an asset into service the useful life is determined by all the methods below except ? A) The owners manual B)Using professional judgment C) Estimating obsolescence D)Expected wear and tear during operation.8)When selecting a depreciation method to use for depreciable equipment, all of the following would be viable alternatives except? A)units-of-output method B)straight-line method C)best estimate method D)double-declining balance method
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