------------- centre is one for which both revenue and cost are accumulated a) Cost centre b) Revenue centre c) Service centre d) Profit centre

------------- centre is one for which both revenue and cost are accumulated a) Cost centre
b) Revenue centre
c) Service centre
d) Profit centre
by

1 Answer

Answer :

d) Profit centre
by

Related questions

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Last Answer : c) Revenue centre

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he journal entry to record a credit sale is a. Cash Sales b. Cash Service Revenue c. Accounts Receivable Service Revenue d. Accounts Receivable Sales

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Speedy Bike Company received a $940 check from a customer for the balance due. The transaction was erroneously recorded as a debit to Cash $490 and a credit to Service Revenue $490. The correcting entry is a. debit Cash, $940; credit Accounts Receivable, $940. b. debit Cash, $450 and Accounts Receivable, $490; credit Service Revenue, $940. c. debit Cash, $450 and Service Revenue, $490; credit Accounts Receivable, $940. d. debit Accounts Receivable, $940; credit Cash, $450 and Service Revenue, $490.

Description : Speedy Bike Company received a $940 check from a customer for the balance due. The transaction was erroneously recorded as a debit to Cash $490 and a credit to Service Revenue $490. The ... Receivable, $940. d. debit Accounts Receivable, $940; credit Cash, $450 and Service Revenue, $490.

Last Answer : c. debit Cash, $450 and Service Revenue, $490; credit Accounts Receivable, $940.

The sales revenue section of an income statement for a retailer would not include a. Sales discounts. b. Sales. c. Net sales. d. Cost of goods sold.

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In the Clark Company, sales were $480,000, sales returns and allowances were $30,000, and cost of goods sold was $288,000. The gross profit rate was a. 64%. b. 36%. c. 40%. d. 60%.

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At the beginning of the year, Midtown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,600,000. If Midtown Athletic reported ending inventory of $600,000 and sales of $2,000,000, the company’s cost of goods sold and gross profit rate must be a. $1,000,000 and 50%. b. $1,400,000 and 30%. c. $1,000,000 and 30%.

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The gross profit rate is computed by dividing gross profit by a. cost of goods sold. b. net income. c. net sales. d. sales.

Description : The gross profit rate is computed by dividing gross profit by a. cost of goods sold. b. net income. c. net sales. d. sales.

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A company shows the following balances: Sales $1,000,000 Sales Returns and Allowances 180,000 Sales Discounts 20,000 Cost of Goods Sold 560,000 What is the gross profit percentage? a. 56% b. 70% c. 44% d. 30%

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Last Answer : d. 30%

If a company has net sales of $500,000 and cost of goods sold of $350,000, the gross profit percentage is a. 70%. b. 30%. c. 15%. d. 100%.

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Which one of the following is shown on a multiple-step but not on a single-step income statement? a. Net sales b. Net income c. Gross profit d. Cost of goods sold

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. Income from operations will always result if a. the cost of goods sold exceeds operating expenses. b. revenues exceed cost of goods sold. c. revenues exceed operating expenses. d. gross profit exceeds operating expenses.

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Last Answer : b. revenues exceed cost of goods sold.

Which of the following expressions is incorrect? a. Gross profit – operating expenses = operating income b. Sales – cost of goods sold – operating expenses = operating income c. Operating income + operating expenses = gross profit d. Operating expenses – cost of goods sold = gross profit

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Last Answer : d. Operating expenses – cost of goods sold = gross profit

A company calculates the prices of jobs by adding overheads to the prime cost and adding 30% to total costs as a profit margin. Job number Y256 was sold for Rs1690 and incurred overheads of Rs 694. What was the prime cost of the job? (a) Rs 489 (b) Rs 606 (c) Rs 996 (d) Rs 1300

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Last Answer : (b) Rs 606

Cost of abnormal wastage is: (a) Charged to the product cost (b) Charged to the profit & loss account (c) charged partly to the product and partly profit & loss account (d) not charged at all.

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Total cost of a product: Rs. 10,000 Profit: 25% on Selling Price Profit is: (a) Rs. 2,500 (b) Rs. 3,000 (c) Rs. 3,333 (d) Rs. 2,000

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Last Answer : (b) Rs. 2,80,000

All of the following are contra revenue accounts except a. sales. b. sales allowances. c. sales discounts. d. sales returns.

Description : All of the following are contra revenue accounts except a. sales. b. sales allowances. c. sales discounts. d. sales returns.

Last Answer : a. sales.

A credit memorandum is used as documentation for a journal entry that requires a debit to a. Sales and a credit to Cash. b. Sales Returns and Allowances and a credit to Accounts Receivable. c. Accounts Receivable and a credit to a contra-revenue account. d. Cash and a credit to Sales Returns and Allowances.

Description : A credit memorandum is used as documentation for a journal entry that requires a debit to a. Sales and a credit to Cash. b. Sales Returns and Allowances and a credit to Accounts Receivable. c. ... and a credit to a contra-revenue account. d. Cash and a credit to Sales Returns and Allowances.

Last Answer : d. Cash and a credit to Sales Returns and Allowances.

Sales revenue a. may be recorded before cash is collected. b. will always equal cash collections in a month. c. only results from credit sales. d. is only recorded after cash is collected.

Description : Sales revenue a. may be recorded before cash is collected. b. will always equal cash collections in a month. c. only results from credit sales. d. is only recorded after cash is collected.

Last Answer : a. may be recorded before cash is collected.

The final closing entry to be journalized is typically the entry that closes the a. revenue accounts. b. dividends account. c. retained earnings account. d. expense accounts.

Description : The final closing entry to be journalized is typically the entry that closes the a. revenue accounts. b. dividends account. c. retained earnings account. d. expense accounts.

Last Answer : b. dividends account.

In preparing closing entries a. each revenue account will be credited. b. each expense account will be credited. c. the retained earnings account will be debited if there is net income for the period. d. the dividends account will be debited.

Description : In preparing closing entries a. each revenue account will be credited. b. each expense account will be credited. c. the retained earnings account will be debited if there is net income for the period. d. the dividends account will be debited.

Last Answer : b. each expense account will be credited.

Closing entries a. are prepared before the financial statements. b. reduce the number of permanent accounts. c. cause the revenue and expense accounts to have zero balances. d. summarize the activity in every account.

Description : Closing entries a. are prepared before the financial statements. b. reduce the number of permanent accounts. c. cause the revenue and expense accounts to have zero balances. d. summarize the activity in every account.

Last Answer : c. cause the revenue and expense accounts to have zero balances.

At the balance sheet date, the balance on the Accumulated Provision for Depreciation Account is A) Transferred to Depreciation Account B) Transferred to the Asset Account C) Transferred to Profit and Loss Account D) Simply deducted from the asset in the Balance Sheet

Description : At the balance sheet date, the balance on the Accumulated Provision for Depreciation Account is A) Transferred to Depreciation Account B) Transferred to the Asset Account C) Transferred to Profit and Loss Account D) Simply deducted from the asset in the Balance Sheet

Last Answer : Answer: D

Sal’s gross profit for August, 2008 is a. $30,000. b. $19,000. c. $18,000. d. $16,000.

Description : Sal’s gross profit for August, 2008 is a. $30,000. b. $19,000. c. $18,000. d. $16,000.

Last Answer : d. $16,000.

The gross profit rate would be a. .454. b. .546. c. .500. d. .538.

Description : The gross profit rate would be a. .454. b. .546. c. .500. d. .538.

Last Answer : c. .500.

Gross profit would be a. $77,000. b. $70,000. c. $64,000. d. $83,000.

Description : Gross profit would be a. $77,000. b. $70,000. c. $64,000. d. $83,000.

Last Answer : a. $77,000.

The gross profit rate would be a. .535. b. .489. c. .511. d. .553.

Description : The gross profit rate would be a. .535. b. .489. c. .511. d. .553.

Last Answer : b. .489.

Gross profit would be a. $77,000. b. $64,000. c. $70,000. d. $83,000.

Description : Gross profit would be a. $77,000. b. $64,000. c. $70,000. d. $83,000.

Last Answer : b. $64,000.

The gross profit rate would be a. .700. b. .187. c. .300. d. .487.

Description : The gross profit rate would be a. .700. b. .187. c. .300. d. .487.

Last Answer : d. .487.

Gross profit would be a. $105,000. b. $28,000. c. $73,000. d. $150,000.

Description : Gross profit would be a. $105,000. b. $28,000. c. $73,000. d. $150,000.

Last Answer : c. $73,000.

Salon’s gross profit is a. $60,000. b. $30,000. c. $18,000. d. $16,000.

Description : Salon’s gross profit is a. $60,000. b. $30,000. c. $18,000. d. $16,000.

Last Answer : b. $30,000.

After gross profit is calculated, operating expenses are deducted to determine a. gross margin. b. operating income. c. gross profit on sales. d. net margin.

Description : aAfter gross profit is calculated, operating expenses are deducted to determine a. gross margin. b. operating income. c. gross profit on sales. d. net margin.

Last Answer : b. operating income.