Evaluación de Bienes en Contabilidad

Which of the following is NOT considered an asset?

• a) Raw materials

• b) Finished goods

• c) Work in progress

• d) Consulting services

Goods are typically classified as:

• a) Expenses

• b) Liabilities

• c) Assets

• d) Equity

The cost of goods sold represents:

• a) The cost of purchasing goods for resale.

• b) The cost of converting raw materials into finished goods.

• c) Both a and b

• d) Neither a nor b

Inventory is a type of:

• a) Current asset

• b) Long-term asset

• c) Expense

• d) Liability

What inventory valuation method assumes that the most recent costs are assigned to the ending inventory?

• a) FIFO

• b) LIFO

• c) Weighted average

• d) Specific identification

The rule of lower cost or market is used to value:

• a) Fixed assets

• b) Intangible assets

• c) Inventory

• d) Investments

Goods in transit that are owned by a company are included in:

• a) Initial inventory

• b) Final inventory

• c) Purchases

• d) Cost of goods sold

Which of the following costs is typically included in the cost of inventory?

• a) Freight-in

• b) Sales commissions

• c) Advertising costs

• d) Administrative expenses

A physical count of inventory is typically performed:

• a) Annually

• b) Monthly

• c) Quarterly

• d) Weekly

The perpetual inventory system provides:

• a) An updated record of the inventory.

• b) A physical count of the inventory at the end of each period.

• c) No inventory record.

• d) Only a record of purchases.