FNSACC321_322_421 Quiz 9 - review

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Accounting

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Jan 9, 2024

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31/12/2023, 12:36 FNSACC321/322/421 Quiz 9 - review https://training.monarch.edu.au/mod/quiz/review.php?attempt=1609661&cmid=28804 1/7 Question 1 Correct Mark 1.00 out of 1.00 Question 2 Correct Mark 1.00 out of 1.00 Started on Sunday, 29 October 2023, 5:30 PM State Finished Completed on Sunday, 29 October 2023, 6:10 PM Time taken 40 mins 5 secs Marks 18.00/20.00 Grade 9.00 out of 10.00 ( 90.00 %) Feedback Well done - you can attempt the following related 'Chapter Quiz'. Under the periodic method of inventory, the acquisition of inventory is recorded in the: Select one: a. Purchases (expense) account at the selling price (i.e. the price the business sells the goods to customers) b. Inventory (asset) account at cost price c. Inventory (asset) account at the selling price (i.e. the price the business sells the goods to customers) d. Purchases (expense) account at cost price Correct Assuming the Perpetual Inventory Method is used, if sales are $75,000, cost of goods sold $50,000, opening inventory $20,000 and closing inventory $15,000, what is the Gross Profit? Select one: a. $10,000 b. $30,000 c. $25,000 Correct d. $20,000
31/12/2023, 12:36 FNSACC321/322/421 Quiz 9 - review https://training.monarch.edu.au/mod/quiz/review.php?attempt=1609661&cmid=28804 2/7 Question 3 Correct Mark 1.00 out of 1.00 Question 4 Correct Mark 1.00 out of 1.00 Question 5 Correct Mark 1.00 out of 1.00 The Perpetual Inventory Method results in: Select one: a. a higher Cost of Goods Sold than the Periodic Inventory Method b. the same Gross Profit as the Periodic Inventory Method Correct c. a higher Gross Profit than the Periodic Inventory Method d. a lower Gross Profit than the Periodic Inventory Method Which of the following is not an advantage of the Periodic Inventory System? Select one: a. Greater control over inventory Correct b. Simpler records c. More suited to manual accounting systems d. Suitable for small businesses without computer assistance Which of the following is an advantage of the Perpetual Inventory System? Select one: a. Inventory records are continually updated Correct b. Results in a higher Gross Profit than the periodic method c. Does not require computers d. Simpler records
31/12/2023, 12:36 FNSACC321/322/421 Quiz 9 - review https://training.monarch.edu.au/mod/quiz/review.php?attempt=1609661&cmid=28804 3/7 Question 6 Correct Mark 1.00 out of 1.00 Question 7 Correct Mark 1.00 out of 1.00 Question 8 Correct Mark 1.00 out of 1.00 Cost of Goods Sold is calculated as: Select one: a. Opening Inventory plus Sales minus Purchases minus Closing Inventory b. Opening Inventory plus Purchases plus Closing Inventory c. Opening Inventory plus Purchases minus Closing Inventory Correct d. Opening Inventory minus Purchases minus Closing Inventory Cost of Goods Sold is deducted from which account to determine Gross Profit? Select one: a. Cost of Goods Available for Sale b. Closing Inventory c. Sales Correct d. Purchases Assuming the Periodic Inventory Method is used, if sales are $70,000, purchases $30,000, opening inventory $5,000 and the closing inventory $7,000, what is the Gross Profit? Select one: a. $30,000 b. $28,000 c. $42,000 Correct d. $40,000
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