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Accounting Fundamentals Inventory

Authored by Patricia Trubee

Business

9th - 12th Grade

Used 18+ times

Accounting Fundamentals  Inventory
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12 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 9 pts

revenue (income statement) account which represents the sold inventory cost during a period

Inventory

Cost of Goods Sold

FIFO

LIFO

2.

MULTIPLE CHOICE QUESTION

30 sec • 9 pts

first items bought are to be the first items sold

Inventory

Cost of Goods Sold

FIFO

LIFO

3.

MULTIPLE CHOICE QUESTION

30 sec • 8 pts

company's merchandise, materials and products which have not been sold, representing liquid assets to the company

Inventory

Cost of Goods Sold

FIFO

LIFO

4.

MULTIPLE CHOICE QUESTION

30 sec • 8 pts

last items purchased are the first to be sold

Inventory

Cost of Goods Sold

FIFO

LIFO

5.

MULTIPLE CHOICE QUESTION

30 sec • 8 pts

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

Manufacturing Inventory

Merchandise Inventory

Periodic Inventory System

Perpetual Inventory System

6.

MULTIPLE CHOICE QUESTION

30 sec • 8 pts

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

Manufacturing Inventory

Merchandise Inventory

Periodic Inventory System

Perpetual Inventory System

7.

MULTIPLE CHOICE QUESTION

30 sec • 8 pts

method used to update inventory balances periodically instead of constantly

Manufacturing Inventory

Merchandise Inventory

Periodic Inventory System

Perpetual Inventory System

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