Accounting MidTerm 2024

Accounting MidTerm 2024

Assessment

Flashcard

Arts

9th Grade

Practice Problem

Hard

Created by

Wayground Content

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75 questions

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1.

FLASHCARD QUESTION

Front

Which inventory method is used to continuously track inventory amounts?

Back

Perpetual Inventory System

2.

FLASHCARD QUESTION

Front

What is classified as a short-term asset because it can be converted into cash within a year, for example, raw materials, work-in-process, finished products?

Back

Manufacturing Inventory

3.

FLASHCARD QUESTION

Front

Which inventory method is used to update inventory balances periodically instead of constantly?

Back

Periodic Inventory System

4.

FLASHCARD QUESTION

Front

What are goods for resale which are classified as short-term assets because they can be converted to cash within a year?

Back

Merchandise Inventory

5.

FLASHCARD QUESTION

Front

What does "First In, First Out (FIFO)" mean in accounting?

Back

First items bought are to be the first items sold

6.

FLASHCARD QUESTION

Front

What is the definition of "Inventory" in accounting?

Back

Company's merchandise, materials, and products which have not been sold

7.

FLASHCARD QUESTION

Front

What does "Last In, First Out (LIFO)" mean in accounting?

Back

Last items purchased are the first to be sold

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