Bookkeeping Objective 2 Vocabulary (75)

Bookkeeping Objective 2 Vocabulary (75)

11th Grade

75 Qs

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Bookkeeping Objective 2 Vocabulary (75)

Bookkeeping Objective 2 Vocabulary (75)

Assessment

Quiz

Business

11th Grade

Practice Problem

Hard

Created by

Bobbie Jones

FREE Resource

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75 questions

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1.

OPEN ENDED QUESTION

3 mins • 1 pt

What is inventory valuation?

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2.

OPEN ENDED QUESTION

3 mins • 1 pt

What does FIFO stand for in inventory valuation?

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3.

OPEN ENDED QUESTION

3 mins • 1 pt

How is the FIFO value of remaining inventory calculated?

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4.

OPEN ENDED QUESTION

3 mins • 1 pt

What is a key characteristic of LIFO?

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5.

OPEN ENDED QUESTION

3 mins • 1 pt

What does LIFO stand for in inventory valuation?

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6.

OPEN ENDED QUESTION

3 mins • 1 pt

How is the Weighted Average Cost (WAC) calculated?

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7.

OPEN ENDED QUESTION

3 mins • 1 pt

What is the formula for calculating annual depreciation using the Straight-Line method?

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