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Basic Accounting _ 20 MCQs

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

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