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ACC 406 EXAM 2 CH 11 QUESTIONS WITH CORRECT ANSWERS 2025/2026

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ACC 406 EXAM 2 CH 11 QUESTIONS WITH CORRECT ANSWERS 2025/2026

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Uploaded on: October 7, 2025
Number of pages: 4
Written in: 2025/2026
Type: Exam (elaborations)
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acc 406 exam 2 ch 11 questions with correct answer

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ACC 406 EXAM 2 CH 11 QUESTIONS WITH
CORRECT ANSWERS 2025/2026
Accounts related to Purchasing - CORRECT ANSWER -AP

Inventory

COGS

Purchase returns & allowances

Expenses

Cash

(see lecture notes day 18)

Accounting Principles related to Purchasing - CORRECT ANSWER -Lower of cost or market

LIFO/FIFO

Accrual accounting

(see lecture notes day 18)

Departments related to Purchasing - CORRECT ANSWER -Requisitioning

Purchasing

Receiving

Invoice Processing

Disbursements

accounts payable

general ledger

(see lecture notes day 18)

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ACC 406 EXAM 2 CH 11 QUESTIONS WITH CORRECT ANSWERS 2025/2026

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