Advanced Accounting - Chapter 20
Flashcard
•
Other, Specialty
•
10th - 12th Grade
•
Practice Problem
•
Hard
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22 questions
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1.
FLASHCARD QUESTION
Front
FIFO is a method used to determine the quantity of each type of merchandise on hand.
Back
False
2.
FLASHCARD QUESTION
Front
A merchandise inventory that is larger than needed may decrease net income.
Back
True
3.
FLASHCARD QUESTION
Front
A merchandise inventory evaluated at the end of a fiscal period is known as a perpetual inventory.
Back
False
4.
FLASHCARD QUESTION
Front
The cost of merchandise sold can be calculated by subtracting the cost of merchandise available for sale from the cost of ending inventory.
Back
False
5.
FLASHCARD QUESTION
Front
Do businesses frequently establish their fiscal year to end when inventory is at a minimum?
Back
True
6.
FLASHCARD QUESTION
Front
A merchandise inventory that is smaller than needed may decrease net income.
Back
True
7.
FLASHCARD QUESTION
Front
Accounting procedures require that revenue and expenses be recorded in the accounting period in which revenue is earned and expenses are incurred.
Back
True
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