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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€6,56
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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
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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
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, 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
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