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The consistent application of an inventory costing method is essential for Select one: a. accuracy. b....
The consistent application of an inventory costing method is essential for A. conservatism. B. comparability. C. accuracy. D.efficiency QUESTION Understating beginning inventory will understate A. cost of goods sold. B. assets. C. stockholder's equity. D.net income.
With the perpetual method for inventory the costing assumption, such as FIFO, is applied to: Select one: a. Cost of sales at the end of the accounting year b. Each sale via stock cards or computer records c. Inventory at the end of the month d. The current asset inventory in the balance sheet
Bentley Manufacturing Co. uses the FIFO method of costing its inventory, which indicates that: Select one: O A. Merchandise are sold in the order in which they are rece O B. Last merchandise purchased is sold out first O C. There is no specific order in which merchandise is sold O D. None of the above
8) One aspect of the scientific method is that it is consistent. Which one of the following claims is not a result of science being conducted in a consistent manner? A. The findings can be replicated. B. The findings are generalizable. C. The findings have the potential to show a convergence of evidence. D. The findings are reliable.
Which of the following statement is true regarding inventory costing? Select one: O A. Under FIFO, the first units purchased are sold and ending inventory is made up of the most recent purchase O B. The cost of ending inventory is the same Under the LIFO and FIFO methods. O C. Both statements are true O D. None of the above statements are true Petty Cash is reserved for large purchases or repairs such as the replacement of a truck...
Which of the following statements about activity based costing is not correct? Select one: a. A disadvantage of activity based costing is the cost needed to implement the system b. Activity based costing is good to use when products differ in age. c. Activity based costing is efficient to implement when there is not a large difference in volumes of each product produced. d. An advantage of activity based costing is the increased accuracy in pricing.
Which of the following statements about activity based costing is not correct? Select one: 0.a. A disadvantage of activity based costing is the cost needed to implement the system O b. Activity based costing is good to use when products differ in age. 0. C. Activity based costing is efficient to implement when there is not a large difference in volumes of each product produced. d. An advantage of activity based costing is the increased accuracy in pricing.
Depreciation is the application of the: Select one: a. Expense recognition principle b. Business entity assumption c. Full disclosure principle d. Materiality principle
CHAPTER 6 1. Which of the following is NOT an inventory costing method? A) specific identification B) lower of cost or market C) last-in, first-out D) first-in, first-out 2. Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory? A) specific identification B) weighted average C) last-in, first-out D) first-in, first-out 3. Which of the following inventory costing methods uses the cost of the oldest purchases to compute the cost of...
Which inventory costing method results in the lowest ending inventory during a period of rising merchandise inventory cost? a.) Weighted-average b.) Specific identification c.) First-in, first-out (FIFO) d.) Last-in, first-out (LIFO)