
Exam 3 – Chapters 6 & 7 Review
Authored by Emily Manausa
Mathematics
University
CCSS covered
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19 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Under the periodic inventory system:
inventory records are updated immediately after each purchase.
inventory must be counted at the end of each accounting period.
inventory does not have to be counted. (It can be taken from the accounting records.)
inventory levels must be counted every day.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which inventory system updates the inventory account only at the end of the accounting period?
LIFO
Perpetual
FIFO
Periodic
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If merchandise purchased on credit is returned to the seller for a full refund, what would be the effect on the accounts listed below?
Increase Inventory; No effect on Cost of Goods Sold; Decrease Accounts Payable
Decrease Inventory; Decrease Cost of Goods Sold; No effect on Accounts Payable
No effect on Inventory; Decrease Cost of Goods Sold; Decrease Accounts Payable
Decrease Inventory; No effect on Cost of Goods Sold; Decrease Accounts Payable
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Debit Purchases and credit Accounts Payable for $6,000
Debit Inventory and credit Accounts Receivable for $6,000
Debit Inventory and credit Accounts Payable for $6,000
Debit Cost of Goods Sold and credit Inventory for $4,500
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The specific identification method would probably be most appropriate for which of the following goods?
Boxes of brass 4-inch drywall screws at Home Depot
Bottles of suntan lotion in Wal-Mart's central warehouse
Sets of tires at the Goodyear plant
Diamond necklaces at a Tiffany & Co. jewelry store
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assume a periodic inventory system is used. The LIFO inventory costing method assumes that the cost of the units most recently purchased is the:
last to be assigned to cost of goods sold.
first to be assigned to ending inventory.
first to be assigned to cost of goods sold.
last to be assigned to units available for sale.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following statements is correct?
FIFO results in a lower net income than LIFO when costs are rising.
LIFO results in a higher net income than FIFO when costs are rising.
LIFO results in a higher net income than FIFO when costs are falling.
LIFO results in the same net income as FIFO when costs are rising.
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