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##### Basic Accounting _ 20 MCQs

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**Question**

Question;1. Find the net price of a computer that lists for;$510 if a discount rate of 40% is offered.;Q: the net price of the computer is;2. Calculate the net price for 60 boxes of computer;paper if the unit price is 12.67 and a single trade discount rate of 30% is;allowed.;Q: the net price is;3. One manufacturer needs to calculate the net;price of an order with a list of $600 and a trade discount series of 12/7/6.;Use the net decimal equivalent to find the net price.;Q: the net price is;Round to the nearest cent;4. One distributor lists ink- jet printers with 360;dpi and six scalable fonts that can print envelopes, labels, and transparencies;for $186.27 with a trade discount series of 10/10/20. Another distributor;lists the same brand and model printer at $223 with a trade discount series of10/20/20.;Q: which is the better deal? $186.27 or $223;5. One distributor lists a printer at $440 with a;trade discount series of 14/11/5. Another distributor lists the same printer at;$430 with a trade discount series of 10/10/5.;Q: What is the better deal? $440 or $430;6. A man gets an invoice for $410 with terms 3/10;1/15, n/30. How much would he pay 7 days after the invoice date?;Q: The net amount is;Round to the nearest cent;7. A director of accounts received a bill for $644;dated April 6, with sales terms 2/10,1/15, n/30. What amount is due if the;bill is paid on or between April 17 and April 21?;Q: the net amount is;Round to the nearest cent;8. A man is an accounts payable officer for his;company and must calculate cash discounts before paying invoices. He is paying;bills onJune 18 and has an invoice dated June 12 with terms;4/10, n/30. If the net price of the invoice is $1,296.72, what is the net;amount the man will need to pay?;Q: the net amount is;Round to the nearest cent;9. An invoice for $910 is dated October 15 and;has sales terms of 2/9 ROG. The merchandise arrives Oct 20. How much is;due if the bill is paid November 2?;Q: the net amount is;10. A man has an invoice for a complete computer;system for $3912.84. The invoice shows terms of 3/10, 2/15, n/30. He can afford;to pay $2,500 within 10 days of the date on the invoice and the remainder;within the 30 day period. How much should be credited to the account for the;$2,500 payment, and how much is due?;Q: the amount credited to the account for the $2500 payment is;Round to the nearest cent;11. Cost = $75, markup =$40. Find the selling price;12. Cost = $90, selling price = $216;a) find the markup;b) find the rate of markup based on cost;Q: the markup is;13. Belts costs $4 and sell with a markup of $2.22.;find the selling price of the belts.;Q: the selling price is;14. A lamp costs $24 and is marked up based on;cost. If the lamp sold for $54, what was the percent of the markup?;Q: the rate of markup is;15. Battery powered massagers cost $8.50 if they;purchased in lots of 36 or more. The gift horse shoppe purchased 48 and sells;them at 45% markup based on cost.;Q: Find the selling price of each;The selling price is $;Round to the nearest cent;16. Cost=$48, selling price = $60. Find the rate of;markup based on the selling price.;Q: the rate of markup is;17. An item is marked up $10. The markup rate based;ok selling price is 69%.;a) find the selling price;b) find the cost;Round to the nearest cent ? the selling price is;18. An item sells for $64 and is reduced to sell;for $24. Find the markdown amount and the rate of markdown.;Q: the markdown amount is $;19. Selling price= $950, reduced (New) price =;$550. Find the markdown amount and the rate of markdown.;q: the markdown amount is;20. An item sells for $5290 and costs $3530. What;is the rate of markup based on selling price? Round to the nearest tenth of a;percent.;The rate of markup based on;selling price is ____% ? round to the nearest 10th

Paper#37269 | Written in 18-Jul-2015

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