Chapters 5 6 Exam Name _____________________________ Financial Accounting 200 points total Please circle the correct answers for each True/Fa

        Chapters 5 & 6 Exam                                                Name _____________________________

Financial Accounting

200 points total

Please circle the correct answers for each True/False question below. Worth 2pts each:

  40

1)   A wholesaler is a merchandiser who buys merchandise from a manufacturer and sells the same to a retailer.

a.   True

b.   False

2)   On the income statement, a merchandising company reports the cost of merchandise inventory that has been sold to customers.

a.   True