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POA: Inventory

POA: Inventory

Assessment

Presentation

Life Skills, Instructional Technology, Performing Arts

10th - 12th Grade

Practice Problem

Medium

Created by

Cindy Ling

Used 32+ times

FREE Resource

4 Slides • 6 Questions

1

Inventory

purchase of goods meant for resale

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2

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Warehouse of Amazon

3

Total Cost of Inventory Purchase

  • Cost of inventory less trade discount

  • Add Freight/Transport cost

  • Add Import duties and taxes

  • Add Insurance on shipping

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4

Open Ended

Which accounting concepts are relevant for Inventory?

5

Multiple Select

How do we value inventory in the financial statement?

1

Last In, First Out

2

First In, First Out

3

Weighted average

6

Multiple Choice

What is the double entry when business purchases goods on credit?

1

Dr Inventory Cr Cash at bank

2

Dr Goods Cr Trade Payable

3

Dr Inventory Cr Trade Payable

7

Multiple Select

Which accounts are affected when goods are sold on credit?

1

Inventory

2

Cash at bank

3

Trade receivable

4

Cost of sales

5

Sales revenue

8

Open Ended

My 3 learning points on inventory are ...

9

Multiple Select

What to do when inventory is stolen, damaged, lost or obsolete?

1

Dr Stolen goods Cr Inventory

2

Dr Impairment Loss on Inventory Cr Inventory

3

Dr Inventory Cr Inventory Loss

10

Inventory Account

  • Balance b/d

  • Cash at bank/Cash in hand/Trade Payable

  • Cost of Sales

  • Impairment loss on inventory

  • Balance b/d

Inventory

purchase of goods meant for resale

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