Act105 week 44 Study guides, Class notes & Summaries

Act105 week 4.4 |100% COMPLETE QUESTIONS AND ANSWERS, Last document update:   ago

Question 1 of 10 10.0/ 10.0 Points Inventory costs include only the seller’s invoice price less any purchase discounts. A. True B. False Answer Key: False Question 2 of 10 10.0/ 10.0 Points The following principle requires a company to show in its financial statements by means of a footnote or other manner, the inventory costing method used: A.conservation principle. B.full-disclosure principle. C.consistency principle. D.business entity principle. E.stable monet

ACCT 105 Act105 week 4.4 Last document update:   ago

Question 1 of 10 10.0/ 10.0 Points If the utility or value of inventory items is less than the cost of those items, departures from cost are justified. A. True B. False Answer Key: True Question 2 of 10 0.0/ 10.0 Points If the beginning inventory exceeds the ending inventory, the net income is overstated. A. True B. False Answer Key: False Question 3 of 10 10.0/ 10.0 Points For 2007, Johnson Company had the following: beginning inventory - $780,000; ending inventory - $830,000; ...

Act105 week 4.4 |100% COMPLETE QUESTIONS AND ANSWERS GRADED A+-2023 Last document update:   ago

Part 1 of 1 - 60.0/ 100.0 Points Question 1 of 10 10.0/ 10.0 Points If the ending inventory is understated by $150, the cost of goods sold will be: A.overstated by $300. B.overstated by $250. C.overstated by $150. D.understated by $250. E.understated by $150. Answer Key: C Question 2 of 10 0.0/ 10.0 Points The system that continuously provides the cost of the inventory on hand is called: A.average cost. B.periodic. C.perpetual. D.gross profit. E.physical. Answer