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[ACCOUNTING Chapters 5&6 KQuestion 8 (of 20) 8. The inventory cost flow assumption describes the flow...
ACCOUNTING k Your 5 & 6 KQuestion 9 (of 20) When a firm uses the LIFO...
ACCOUNTING k Your 5 & 6 KQuestion 9 (of 20) When a firm uses the LIFO inventory cost flow assumption: O cost of goods sold will be the same as if FIFO were used O better matching of revenue and expense is achieved than under FIFO. O net income will be greater than if FiFO were used cost of goods sold will be greater than if FiFO were used
ACCOUNTING Your Knowledge: Chapters 5 & 6 KQuestion 4 (of 20) Which of the following is...
ACCOUNTING Your Knowledge: Chapters 5 & 6 KQuestion 4 (of 20) Which of the following is true regarding notes receivables? O A note is a more formal document than an account recevable O A note is a less formal document than an account receivable O A notes receivable is always a long-term asset O A notes receivable is always a current asset
5 & 6 Question 11 (of 20) One inventory cost flow assumption will result in different...
5 & 6 Question 11 (of 20) One inventory cost flow assumption will result in different cost of goods sold from another inventory cost flow assumption O price levels do not change during the year O inventory quantities change from the beginning to end of the year O the cost of inventory items changes during the year O a new product is added to inventory during the year
heck Your 5& 6 With respect to the write-off of an uncollectible account receivable against the...
heck Your 5& 6 With respect to the write-off of an uncollectible account receivable against the allowance for bad debts, a sound system of internal control would requre O the write-off be approved by two employees O a lawsuit to be initiated to recover the uncollectible amount. o the write-off to be made within six months after the date of sale. O an investigation of why credit was extended to this customer in the first place Search We were unable...
Chapters 5 &6 One of the principal reasons for selecting the LIFO cost flow assumption instead...
Chapters 5 &6 One of the principal reasons for selecting the LIFO cost flow assumption instead of the FiFO cost how assuimption in en inflationary economic e O income taxes will be lower. O net income will be higher O a higher selling price can be established O balance sheet inventory volues will be higher
Homework for only one choise 1. The inventory cost flow assumption where the cost of the...
Homework for only one choise
1. The inventory cost flow assumption where the cost of the most recent purchase is matched first against sales revenue is? a) First-In, First-Out b) Last-In, First-Out c) Average Method d) Specific Identification Method 2. Which of the following does not decrease cash? a) Purchasing inventory for cash b) Accruing operating expenses c) Paying accounts payable d) Paying an instalment of a loan 3. A prepaid expense is: a) An asset b) A liability c)...
1a Which inventory cost flow assumption generally results in the lowest reported amount for inventory when...
1a Which inventory cost flow assumption generally results in the lowest reported amount for inventory when inventory costs are rising? Specific identification. First-in, first-out (FIFO). Last-in, first-out (LIFO). Average cost. 1 points 1b At the beginning of the year, Johnson Supply has inventory of $5,200. During the year, the company purchases an additional $20,000 of inventory. An inventory count at the end of the year reveals remaining inventory of $3,000. What amount will Bennett report for cost of goods...
5 Inventory and Prepaids (10 Points) Saved Mannisto Inc. uses the FIFO inventory cost flow assumption....
5 Inventory and Prepaids (10 Points) Saved Mannisto Inc. uses the FIFO inventory cost flow assumption. In a year of rising costs and prices, the firm reported net income of $222,805 and average assets of $1,497,010. If Mannisto had used the LIFO cost flow assumption in the same year, its cost of goods sold would have been $43,620 more than under FIFO, and its average assets would have been $40,580 less than under FIFO. Required: a. Calculate the firm's ROI...
ABC Co. uses a perpetual inventory system and uses the FIFO cost flow assumption. During the...
ABC Co. uses a perpetual inventory system and uses the FIFO cost flow assumption. During the month, it had two sales. Calculate the dollar value of its cost of goods sold for the first sale made on Jan. 10. Jan 1 Beginning Inventory 8 @ $12= $96 Jan 5 Purchase 12 @ $15= $180 Jan 25 Purchase 10 @ $18= $180 Jan 10 Sale 11 units x $50 each Jan 30 Sale 3 units x $55 each
Required Identify the accounting principle or assumption that best describes each practice. a. A customer pays...
Required Identify the accounting principle or assumption that best describes each practice. a. A customer pays $20 to mail a package on December 30. The delivery company recognizes revenue when the package is delivered in January b. Jim Trotter owns C&S Heating Company. In preparing the financial statements, Trotter makes sure that the purchase of a new truck for personal use is not included in C&S's financial statements. c. Moseley Inc.recorded land at its purchase price of $50,000. In future...
ACCOUNTING k Your 5 & 6 KQuestion 9 (of 20) When a firm uses the LIFO inventory cost flow assumption: O cost of goods sold will be the same as if FIFO were used O better matching of revenue and expense is achieved than under FIFO. O net income will be greater than if FiFO were used cost of goods sold will be greater than if FiFO were used
ACCOUNTING Your Knowledge: Chapters 5 & 6 KQuestion 4 (of 20) Which of the following is true regarding notes receivables? O A note is a more formal document than an account recevable O A note is a less formal document than an account receivable O A notes receivable is always a long-term asset O A notes receivable is always a current asset
5 & 6 Question 11 (of 20) One inventory cost flow assumption will result in different cost of goods sold from another inventory cost flow assumption O price levels do not change during the year O inventory quantities change from the beginning to end of the year O the cost of inventory items changes during the year O a new product is added to inventory during the year
heck Your 5& 6 With respect to the write-off of an uncollectible account receivable against the allowance for bad debts, a sound system of internal control would requre O the write-off be approved by two employees O a lawsuit to be initiated to recover the uncollectible amount. o the write-off to be made within six months after the date of sale. O an investigation of why credit was extended to this customer in the first place Search We were unable...
Chapters 5 &6 One of the principal reasons for selecting the LIFO cost flow assumption instead of the FiFO cost how assuimption in en inflationary economic e O income taxes will be lower. O net income will be higher O a higher selling price can be established O balance sheet inventory volues will be higher
Homework for only one choise
1. The inventory cost flow assumption where the cost of the most recent purchase is matched first against sales revenue is? a) First-In, First-Out b) Last-In, First-Out c) Average Method d) Specific Identification Method 2. Which of the following does not decrease cash? a) Purchasing inventory for cash b) Accruing operating expenses c) Paying accounts payable d) Paying an instalment of a loan 3. A prepaid expense is: a) An asset b) A liability c)...
5 Inventory and Prepaids (10 Points) Saved Mannisto Inc. uses the FIFO inventory cost flow assumption. In a year of rising costs and prices, the firm reported net income of $222,805 and average assets of $1,497,010. If Mannisto had used the LIFO cost flow assumption in the same year, its cost of goods sold would have been $43,620 more than under FIFO, and its average assets would have been $40,580 less than under FIFO. Required: a. Calculate the firm's ROI...
Required Identify the accounting principle or assumption that best describes each practice. a. A customer pays $20 to mail a package on December 30. The delivery company recognizes revenue when the package is delivered in January b. Jim Trotter owns C&S Heating Company. In preparing the financial statements, Trotter makes sure that the purchase of a new truck for personal use is not included in C&S's financial statements. c. Moseley Inc.recorded land at its purchase price of $50,000. In future...
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