100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
Previously searched by you
Multiple Choice Practice ACC310 Terms in this set (25) Goods on Consignment should be included in the inventory of: a. the consignor but not the consignee b. both the consignor and the consignee c. the consignee but not the consignor d. neither the co$6.99
Add to cart
Multiple Choice Practice ACC310 Terms in this set (25) Goods on Consignment should be included in the inventory of: a. the consignor but not the consignee b. both the consignor and the consignee c. the consignee but not the consignor d. neither the co
3 views 0 purchase
Course
GED - General Educational Development
Institution
GED - General Educational Development
Multiple Choice Practice ACC310
Terms in this set (25)
Goods on Consignment should be included in the inventory of:
a. the consignor but not the consignee
b. both the consignor and the consignee
c. the consignee but not the consignor
d. neither the consignor nor the consignee a. the consi...
Multiple Choice Practice ACC310
Jeremiah
Terms in this set (25)
Goods on Consignment should be included a. the consignor but not the consignee
in the inventory of:
a. the consignor but not the consignee
b. both the consignor and the consignee
c. the consignee but not the consignor
d. neither the consignor nor the consignee
The moving average inventory cost flow d. Periodic - No, Perpetual - Yes
assumption is applicable to which of the
following inventory systems?
a. Periodic - Yes, Perpetual - Yes
b. Periodic - Yes, Perpetual - No
c. Periodic - No, Perpetual - No
d. Periodic - No, Perpetual - Yes
Assuming no beginning inventory, what can a. Prices decreased
be said about the trend of inventory prices if
COGS computed when inventory is valued
using the FIFO method exceeds cost of
goods sold when inventory is valued using
the LIFO method?
a. Prices decreased.
b. Prices remained unchanged.
c. Prices increased.
d. Price trend cannot be determined from
information given
Multiple Choice Practice ACC310
1/5
, 8/5/24, 7:24 AM
(T/F): The LIFO and FIFO amounts will always False
have the same COGS and EI amount
All else being equal, as the cost of ENDING B. Decrease
INVENTORY increases, the COGS will
A. Increase
B. Decrease
C. Stay the same
All else being equal, as the cost of A. Increase
BEGINNING INVENTORY increases, the
COGS will
A. Increase
B. Decrease
C. Stay the same
All else being equal, as the cost of NET A. Increase
PURCHASES increases, the COGS will
A. Increase
B. Decrease
C. Stay the same
Which of the following increases the cost of B. Freight-In
a company's net purchases of inventory?
A. Freight-Out
B. Freight-In
C. Sales Returns
D. Purchase Discounts
E. Bad Debts Expense
The amount often described as the cost of D. Beginning inventory + net purchases
goods available for sale is calculated as
follows:
A. Ending Inventory + Net Purchases
B. Beginning Inventory - Net Purchases
C. Beginning Inventory + Net Purchases -
Ending Inventory
D. Beginning Inventory + Net Purchases
E. Net purchases - Ending Inventory
Which of the following statements is true for C. They must use LIFO method for external reporting purposes
companies that use the LIFO method for
income tax purposes in the US?
A. They must use the FIFO for external
reporting purposes
B. They are permitted to use any inventory
costing method for external reporting
purposes.
C. They must use LIFO method for external
reporting purposes
D. They must use the average cost method
for external reporting purposes.
Multiple Choice Practice ACC310
2/5
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Denyss. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $6.99. You're not tied to anything after your purchase.
