FNSACC321-322-421 Quiz 16 part 1 of 2

Assuming the Periodic Inventory Method is used, which of the following accounts would be transferred to the Trading account? Select one: a. Depreciation b. Interest Received c. Customs Duty d. Cost of Goods Sold

QUESTION 1 Merchandise inventory is classified on the balance sheet as a a. long-term asset b. current liability c. current asset O d. long-term liability

Q29

QUESTION 11 Match the term on the left to the appropriate description on the right. v Cost of goods available for sale (COGAS) A. A valuation rule applied to ending inventory. v LIFO reserve B. The maximum value that cost of goods sold (COGS) can be in a period. C. The amount by which inventory measured under FIFO would exceed inventory measured under LIFO v Lower-of-cost-or-market v Inventory turnover ratio. D. An inventory cost flow assumption. E. A measure for evaluating a company's inventory management. v FIFO (first-in, first out) v Periodic inventory F. A system for calculating COGS based on ending inventory value.

37 [Question text] The length of time between the purchase of inventory and the receipt of cash from the sale of that inventory is called_________________________. Select one: A. accounts payable period B. inventory period C. operating cycle D. accounts receivable period

28-Which account will be debited to record the purchase of merchandise on credit under periodic inventory method? a. Cash b. Accounts receivable c. Purchase d. Accounts Payable

QUESTION 2 The inventory system employing accounting records that continuously disclose the amount of inventory is called a. perpetual b. physical c. retail O d. periodic

QUESTION 7 The perpetual and periodic inventory systems are designed to ensure that inventory accounts are increased for the cost of purchases during the period and decreased for the cost of the sales during the period. True O False

Multiple choice question In a credit sale of inventory using the perpetual inventory method, which of the following accounts is not affected Inventory GST payable Accounts receivable control GST receivable

Choice the following multiple choice answer