Act105 week 4 - Study guides, Class notes & Summaries

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Act105 week 4 100% COMPLETE QUESTIONS AND ANSWERS, study guide
  • Act105 week 4 100% COMPLETE QUESTIONS AND ANSWERS, study guide

  • Exam (elaborations) • 4 pages • 2024
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  • Question 1 of 10 10.0/ 10.0 Points Inventory costs include only the seller’s invoice price less any purchase discounts. A. True B. False Answer Key: False Question 2 of 10 10.0/ 10.0 Points The following principle requires a company to show in its financial statements by means of a footnote or other manner, the inventory costing method used: A.conservation principle. B.full-disclosure
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Act105 week 4.1  100% COMPLETE QUESTIONS AND ANSWERS,
  • Act105 week 4.1 100% COMPLETE QUESTIONS AND ANSWERS,

  • Exam (elaborations) • 4 pages • 2024
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  • uestion 1 of 10 0.0/ 10.0 Points An overstated ending inventory leads to understated net income. A. True B. False Answer Key: False Question 2 of 10 10.0/ 10.0 Points During a period of rising prices, which inventory costing method might be expected to give the lowest valuation for inventory on the balance sheet? A.LIFO B.FIFO C.Weighted-average cost D.Specific identification
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Act105 week 4.4 |100% COMPLETE QUESTIONS AND ANSWERS,
  • Act105 week 4.4 |100% COMPLETE QUESTIONS AND ANSWERS,

  • Exam (elaborations) • 4 pages • 2024
  • Question 1 of 10 10.0/ 10.0 Points Inventory costs include only the seller’s invoice price less any purchase discounts. A. True B. False Answer Key: False Question 2 of 10 10.0/ 10.0 Points The following principle requires a company to show in its financial statements by means of a footnote or other manner, the inventory costing method used: A.conservation principle. B.full-disclosure principle. C.consistency principle. D.business entity principle. E.stable monet
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Act105 week 4.2 |100% COMPLETE QUESTIONS AND ANSWERS,
  • Act105 week 4.2 |100% COMPLETE QUESTIONS AND ANSWERS,

  • Exam (elaborations) • 4 pages • 2024
  • Question 1 of 10 10.0/ 10.0 Points When the periodic method of inventory accounting is used, purchases are recorded in the Inventory account. A. True B. False Answer Key: True Question 2 of 10 10.0/ 10.0 Points On January 1, 2007, Nichols Company’s inventory of Item X consisted of 2,000 units that cost $8 each. During 2007 the company purchased 5,000 units of Item X at $10, each, and it sold 4,500 units. Periodic inventory procedure is used. Cost of goods sold using LIFO is: A.$20,...
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Act105 week 4.2 100% COMPLETE QUESTIONS AND ANSWERS, GRADED A+-2023
  • Act105 week 4.2 100% COMPLETE QUESTIONS AND ANSWERS, GRADED A+-2023

  • Exam (elaborations) • 4 pages • 2024
  • Available in package deal
  • Question 1 of 10 10.0/ 10.0 Points When the periodic method of inventory accounting is used, purchases are recorded in the Inventory account. A. True B. False Answer Key: True Question 2 of 10 10.0/ 10.0 Points On January 1, 2007, Nichols Company’s inventory of Item X consisted of 2,000 units that cost $8 each. During 2007 the company purchased 5,000 units of Item X at $10, each, and it sold 4,500 units. Periodic inventory procedure is used. Cost of goods sold using LIFO is: A.$20,...
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Act105 week 4.1  Exam 2023 Questions and Answers (100% Correct)
  • Act105 week 4.1 Exam 2023 Questions and Answers (100% Correct)

  • Exam (elaborations) • 4 pages • 2024
  • Question 1 of 10 0.0/ 10.0 Points An overstated ending inventory leads to understated net income. A. True B. False Answer Key: False Question 2 of 10 10.0/ 10.0 Points During a period of rising prices, which inventory costing method might be expected to give the lowest valuation for inventory on the balance sheet? A.LIFO B.FIFO C.Weighted-average cost D.Specific identification Answer Key: A Question 3 of 10
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 ACCT 105 Act105 week 4.4
  • ACCT 105 Act105 week 4.4

  • Exam (elaborations) • 4 pages • 2024
  • Question 1 of 10 10.0/ 10.0 Points If the utility or value of inventory items is less than the cost of those items, departures from cost are justified. A. True B. False Answer Key: True Question 2 of 10 0.0/ 10.0 Points If the beginning inventory exceeds the ending inventory, the net income is overstated. A. True B. False Answer Key: False Question 3 of 10 10.0/ 10.0 Points For 2007, Johnson Company had the following: beginning inventory - $780,000; ending inventory - $830,000; ...
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Act105 week 4 100% COMPLETE QUESTIONS AND ANSWERS.
  • Act105 week 4 100% COMPLETE QUESTIONS AND ANSWERS.

  • Exam (elaborations) • 4 pages • 2024
  • Question 1 of 10 10.0/ 10.0 Points Inventory costs include only the seller’s invoice price less any purchase discounts. A. True B. False Answer Key: False Question 2 of 10 10.0/ 10.0 Points The following principle requires a company to show in its financial statements by means of a footnote or other manner, the inventory costing method used: A .conservation principle. B .full-disclosure principle. C .consistency principle. D. business entity principle. E .stable monetary con...
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 ACCT 105Act105 week 4.1100% COMPLETE QUESTIONS AND ANSWERS.
  • ACCT 105Act105 week 4.1100% COMPLETE QUESTIONS AND ANSWERS.

  • Exam (elaborations) • 4 pages • 2024
  • Question 1 of 10 0.0/ 10.0 Points An overstated ending inventory leads to understated net income. A. True B. False Answer Key: False Question 2 of 10 10.0/ 10.0 Points During a period of rising prices, which inventory costing method might be expected to give the lowest valuation for inventory on the balance sheet? A.LIFO B.FIFO C.Weighted-average cost D.Specific identification Answer Key: A Question 3 of 10 0.0/ 10.0 Points When the perpetual inventory method is used, it is ne...
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Act105 week 4.2  Review Exam 2023 Questions and Answers (100% Correct)
  • Act105 week 4.2 Review Exam 2023 Questions and Answers (100% Correct)

  • Exam (elaborations) • 4 pages • 2024
  • Question 1 of 10 10.0/ 10.0 Points When the periodic method of inventory accounting is used, purchases are recorded in the Inventory account. A. True B. False Answer Key: True Question 2 of 10 10.0/ 10.0 Points On January 1, 2007, Nichols Company’s inventory of Item X consisted of 2,000 units that cost $8 each. During 2007 the company purchased 5,000 units of Item X at $10, each, and it sold 4,500 units. Periodic inventory procedure is used. Cost of goods sold using LIFO is: A.$20,...
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