Advanced Accounting Semester Review

Advanced Accounting Semester Review

Assessment

Flashcard

Business

12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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52 questions

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1.

FLASHCARD QUESTION

Front

The inventory costing method that what's purchased most recently is sold first is called

Back

LIFO

2.

FLASHCARD QUESTION

Front

The number of times the average amount of merchandise inventory is sold during a specific period of time is called the

Back

inventory turnover ratio

3.

FLASHCARD QUESTION

Front

Financial institutions calculate interest on loans and notes based on

Back

360 days

4.

FLASHCARD QUESTION

Front

Which of the following is NOT a plant asset: TCM's security truck, TCM's petty cash, TCM's building, TCM's POS system?

Back

TCM's petty cash

5.

FLASHCARD QUESTION

Front

Accumulated Depreciation is the contra account to

Back

Office Equipment

6.

FLASHCARD QUESTION

Front

Allowance for Uncollectible Accounts is the contra account to

Back

Accounts Receivable

7.

FLASHCARD QUESTION

Front

Which is the following is a current asset: Cash, Buildings, Automobiles, Land?

Back

Cash

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