
Accounting MidTerm 2024

Quiz
•
Arts
•
9th Grade
•
Medium
RICHARD FLORES
Used 1+ times
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75 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which inventory method is used to continuously track inventory amounts?
Manufacturing Inventory
Merchandise Inventory
Periodic Inventory System
Perpetual Inventory System
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
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?
Manufacturing Inventory
Merchandise Inventory
Periodic Inventory System
Perpetual Inventory System
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which inventory method is used to update inventory balances periodically instead of constantly?
Manufacturing Inventory
Merchandise Inventory
Periodic Inventory System
Perpetual Inventory System
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What are 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
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What does "First In, First Out (FIFO)" mean in accounting?
Last items purchased are the first to be sold
First items bought are to be the first items sold
Company's merchandise, materials, and products which have not been sold
Revenue account which represents the sold inventory cost during a period
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the definition of "Inventory" in accounting?
Revenue account which represents the sold inventory cost during a period
First items bought are to be the first items sold
Company's merchandise, materials, and products which have not been sold
Last items purchased are the first to be sold
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What does "Last In, First Out (LIFO)" mean in accounting?
First items bought are to be the first items sold
Company's merchandise, materials, and products which have not been sold
Last items purchased are the first to be sold
Revenue account which represents the sold inventory cost during a period
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