ROBLEMS: All of an are as either distrib costs (selling or administrative unde nature of expense is the of "com The only the of and- PROBLEM 1: TRUE OR FALSE function of expense method. goods sold" under the function of expense method. 3. The main difference between the function and the nat espense methods is the segregation of operating and tho function of expense method.

ROBLEMS: All of an are as either distrib costs (selling or administrative unde nature of expense is the of "com The only the of and- PROBLEM 1: TRUE OR FALSE function of expense method. goods sold" under the function of expense method. 3. The main difference between the function and the nat espense methods is the segregation of operating and tho function of expense method.

Pkg Acc Infor Systems MS VISIO CD

10th Edition

ISBN:9781133935940

Author:Ulric J. Gelinas

Publisher:Ulric J. Gelinas

Chapter13: The Accounts Payable/cash Disbursements (ap/cd) Process

Section: Chapter Questions

Problem 5P

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True or False 12. Trade receivables arise from transactions not involving the purchase of inventory.
Merchandise inventory on the balance sheet Based on the data in Exercise 615 and assuming that cost was determined by the FIFO method, show how the merchandise inventory would appear on the balance sheet.
Perpetual inventory using LIFO Assume that the business in Exercise 6-9 maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4.
24) Under IFRS, a) receivables are generally reported in the current assets section of the statement of financial position. b) cash and receivables are reported as the last items in the current assets section of the statement of financial position. c) bank overdrafts are generally reported as cash. c) All of these answer choices are correct. 25) A major difference between GAAP and IFRS with respect to accounting for inventories is: a) guidelines on ownership of goods. b) costs to include in inventories. c) the use of LIFO cost flow assumption. d) the use of LCNRV. 26) Which of the following is a similarity between GAAP and IFRS with respect to accounting for inventories? a) Both standards use a ceiling or a floor to determine lower-of-cost-or-market. b) Both standards allow for reversals of write downs. c) The use of more principles based guidelines exist under both IFRS and GAAP standards. d) Inventory acquisitions are accounted for at historical cost.
21. Statement 1: Under simplified approach for the impairment of receivables, an entity measures its expected credit loss without applying the 3 stages under the general approach.Statement 2: The changes in the loss allowance balance are recognized in profit or loss as an impairment gain or loss. a. Only Statement 1 is true. b. Both statements are false. c. Both statements are true. d. Only Statement 2 is true.
6. What is the disposition for special order goods manufactured by an entity that are segregated but not yet delivered nor picked up by the customer at the end of an accounting period? a. Include in the ending inventory of the manufacturer b. Exclude in the ending inventory of the manufacturer c. Ignore
21. What is the effect on net income if a company fails to record a purchase in transit (FOB shipping point) and also fails to include the purchase in physical inventory?a. Income is overstated.b. Income is understated.c. Not enough information is provided to determine the answer.d. Income is correct.
Determine if this shall result in recognition of liabilities 9. receipt of goods to be sold for the account of consignor a. yes b. no
13 Analyze the following: I – Evidence of 100% collectability of accounts receivable after reporting period but before date of authorization of FS issuance would require adjustment to the A/R balance with assigned allowance for doubtful accounts. II – Assets and liabilities of a disposal group classified as held for sale should be reported in the statement of financial position separately under current assets and current liabilities, respectively. III – Effect of a change in accounting estimate should be accounted for in the period of change and future periods if the change affects both. Given these, we can conclude that: Group of answer choices Statements I and III are not true. Statements II and III are not false. Only statements I and II are true. Only statement II is true.
1.In consignment sales, what is the proper treatment of the consignment-related transportation cost paid by the consignor (1) upon shipment and (2) upon return of the consigned goods to the consignor? a. (1) inventory ; (2) inventory b. (1) expense ; (2) inventory c. (1) expense ; (2) expense d. (1) inventory ; (2) expense
48 List of Statements 1. The accounts payable department provides independent verification by reconciling WIP journal vouchers from cost accounting and summaries of the inventory subsidiary ledger from inventory control. 2. A Value Stream Map (VSM) is used to graphically represent a business processes to identify aspects of it that are wasteful and should be removed. Which of the statement(s) above is(are) invalid? Statement 2 Statement 1 O Both statements are valid Both statements are invalid Answer only
2. PAS 2 requires that the financial statements should disclose..... a. the total carrying amount of inventories and classification appropriate to the enterprise b. the accounting policies adopted in measuring inventories, including the cost formula AND the total carrying amount of inventories and classification appropriate to the enterprise c. the accounting policies adopted in measuring inventories, including the cost formula d. the accounting policies adopted in measuring inventories, including the cost formula OR the total carrying amount of inventories and classification appropriate to the enterprise 23. Perpetual inventory valuation system does not require.... a. physical count or measurement of inventory b. suspension of receipts and issue in the entire factory c. maintenance of inventory records d. suspension of receipts and issue in the entire factory, maintenance of inventory records and physical count or measurement of inventory. 24. Which of the…