Accounting Exam 2

0.0(0)
Studied by 0 people
call kaiCall Kai
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
GameKnowt Play
Card Sorting

1/16

encourage image

There's no tags or description

Looks like no tags are added yet.

Last updated 8:07 PM on 10/1/26
Name
Mastery
Learn
Test
Matching
Spaced
Call with Kai
Chat

No analytics yet

Send a link to your students to track their progress

17 Terms

1
New cards

FOB Destination

The seller is responsible for the shipping costs

2
New cards

Gross Margin

Sales - COGS = _____

3
New cards

Gross Margin %

GM / Sales = ______

4
New cards

COGS is _____ when selling

debited

5
New cards

When expenses go up…

equity goes down

6
New cards

Equity and assets…

corellate

7
New cards

Allowances are ____

costs

8
New cards

FOB shipping point

the buyer is responsible for the shipping cost

9
New cards

operating income

gross margin - operating expenses

10
New cards

_____ are never on the income account

dividends

11
New cards

COGS is higher and Gross Margin is lower when using

LIFO

12
New cards

Gross Margin is higher and COGS is lower when using

FIFO

13
New cards

Inventory Turnover Ratio

COGS / Average Income =

14
New cards

Weighted Average

Total Cost / Total units available =

15
New cards

Estimated GM

Sales x GM% =

16
New cards

Estimated COGS

Sales x COGS% =

17
New cards

LIFO

When prices are rising _____ produces the highest COGS, lowest GM, and lowest net income