Purchases + opening stock-closing stock=
1. Office equipment is a ________ asset for a computer manufacturer and the same office equipment is a
_________ asset for a company that deals in these equipments
A)Current, Fixed
B)Fixed, intangible
C)Tangible, intangible
D)Fixed, current
2.Identify the external user of financial information or financial statements
A)Management of the business
B)CFO of the business
C)Employees of the business
D)Investors of the business
3 Every business transaction affects at least ________ accounts
A)One
B)Two
C)Three
D)Infinite
4.Purchases + opening stock-closing stock=?
A)Amount of sales
B)Gross profit
C)Cost of goods sold
D)Net income
5. Discount allowed is a kind of deduction from
A)Account payable
B)Account receivable
C)Cash account
D)Discount account
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