Test Bank for Intermediate Accounting, 2025 Release by David Spiceland | Chapter 8 to 14

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Chap 08 2025 Release - Spiceland
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1) Physical counts of inventory are never made with perpetual inventory systems.
1) ______
⊚ true
⊚ false

Question Details
AICPA : BB Critical Thinking
AICPA : FN Measurement
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Remember
Business Competency : Reflective Thinking
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 08-01 Explain the types of inventory and the differences between a perpetual inv
Topic : Perpetual inventory system
Type : Static
Source : Chapter 08 Test Bank - Algorithmic and Static > TB TF Qu. 8-1 (Static) Physical counts of inventory are
never made...



2) The main difference between perpetual and periodic inventory systems is the timing of the
allocation of costs between inventory and cost of goods sold.
2) ______
⊚ true
⊚ false

Question Details
AICPA : BB Critical Thinking
AICPA : FN Measurement
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Understand
Business Competency : Reflective Thinking
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 08-01 Explain the types of inventory and the differences between a perpetual inv
Topic : Periodic vs Perpetual inventory system
Type : Static
Source : Chapter 08 Test Bank - Algorithmic and Static > TB TF Qu. 8-2 (Static) The main difference between
perpetual and...




1

,3) Inventory shipped f.o.b. shipping point remains in the seller’s accounting records during
transit.
3) ______
⊚ true
⊚ false

Question Details
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Remember
Business Competency : Reflective Thinking
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 08-02 Explain which physical units of goods should be included in inventory.
Topic : Included in inventory--Goods in transit
Type : Static
Source : Chapter 08 Test Bank - Algorithmic and Static > TB TF Qu. 8-3 (Static) Inventory shipped...



4) Inventory shipped f.o.b. destination is included the seller’s inventory during transit.
4) ______
⊚ true
⊚ false

Question Details
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Remember
Business Competency : Reflective Thinking
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 08-02 Explain which physical units of goods should be included in inventory.
Topic : Included in inventory--Goods in transit
Type : Static
Source : Chapter 08 Test Bank - Algorithmic and Static > TB TF Qu. 8-4 (Static) Inventory shipped f.o.b.
destination...




2

,5) Cost of goods on consignment is included in the consignee's inventory until sold.
5) ______
⊚ true
⊚ false

Question Details
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Remember
Business Competency : Reflective Thinking
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 08-02 Explain which physical units of goods should be included in inventory.
Topic : Included in inventory--Consignment
Type : Static
Source : Chapter 08 Test Bank - Algorithmic and Static > TB TF Qu. 8-5 (Static) Cost of goods on consignment...



6) Cost of goods on consignment is included in the consignor's inventory until sold.
6) ______
⊚ true
⊚ false

Question Details
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Remember
Business Competency : Reflective Thinking
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 08-02 Explain which physical units of goods should be included in inventory.
Topic : Included in inventory--Consignment
Type : Static
Source : Chapter 08 Test Bank - Algorithmic and Static > TB TF Qu. 8-6 (Static) Cost of goods on consignment...




3

, 7) A company includes in ending inventory the cost of inventory sold that it anticipates will be
returned.
7) ______
⊚ true
⊚ false

Question Details
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Remember
Business Competency : Reflective Thinking
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 08-02 Explain which physical units of goods should be included in inventory.
Topic : Included in inventory--Sales returns
Type : Static
Source : Chapter 08 Test Bank - Algorithmic and Static > TB TF Qu. 8-7 (Static) A company includes in ending...



8) Shipping charges on outgoing goods are included in either cost of goods sold or selling
expenses.
8) ______
⊚ true
⊚ false

Question Details
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Remember
Business Competency : Reflective Thinking
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 08-03 Account for transactions that affect net purchases and prepare a cost of g
Topic : Included in inventory--Net purchases
Type : Static
Source : Chapter 08 Test Bank - Algorithmic and Static > TB TF Qu. 8-8 (Static) Shipping charges on outgoing
goods...




4