Financial Accounting Exam 2 Multiple
Choice Questions And Answers
Is subtracted from net sales to determine cost of goods sold For the sellers discounts
account which one is not true?
A building Which is not an intangible assets?
Accounts Receivable Which is included in current assets?
90000 A company purchases 120,000 dollars of inventory during the period and sells
36,000 of it for 60,000. BOY inventory was 6,000. What's the end of the year inventory?
Debit accounts payable 6,000
Credit inventory 6,000 Jay records purchases at invoice price and uses the perpetual
inventory system here turned 6,000 of goods purchased on account to the seller.
Ending inventory 20,700 Beginning inventory 15,300
+ cost of good purchased 67,500
————————————————————
, Financial Accounting Exam 2 Multiple
Choice Questions And Answers
Cost of goods available 82,800
Ending Inventory __________________
———————————————————
Cost of goods sold 62,100
Included in the inventory of the buyer Goods in transit which are shipped FOB shipping
point should be?
Is devoted by the firm receiving returned goods from a customer For a firm that uses the
perpetual inventory system the sales returns and allowances account.
Goods that are shipped but title remains with the seller What is consigned inventory?
LIFO Assuming listing prices which method will give the higher dollar value for cost of
goods sold on the income statement?
Last in first out Under which method of inventory cost flows is the cost flow assumed to
be in the reverse order in which expenditures were made?
Choice Questions And Answers
Is subtracted from net sales to determine cost of goods sold For the sellers discounts
account which one is not true?
A building Which is not an intangible assets?
Accounts Receivable Which is included in current assets?
90000 A company purchases 120,000 dollars of inventory during the period and sells
36,000 of it for 60,000. BOY inventory was 6,000. What's the end of the year inventory?
Debit accounts payable 6,000
Credit inventory 6,000 Jay records purchases at invoice price and uses the perpetual
inventory system here turned 6,000 of goods purchased on account to the seller.
Ending inventory 20,700 Beginning inventory 15,300
+ cost of good purchased 67,500
————————————————————
, Financial Accounting Exam 2 Multiple
Choice Questions And Answers
Cost of goods available 82,800
Ending Inventory __________________
———————————————————
Cost of goods sold 62,100
Included in the inventory of the buyer Goods in transit which are shipped FOB shipping
point should be?
Is devoted by the firm receiving returned goods from a customer For a firm that uses the
perpetual inventory system the sales returns and allowances account.
Goods that are shipped but title remains with the seller What is consigned inventory?
LIFO Assuming listing prices which method will give the higher dollar value for cost of
goods sold on the income statement?
Last in first out Under which method of inventory cost flows is the cost flow assumed to
be in the reverse order in which expenditures were made?
