You are watching: Goods in transit which are shipped f.o.b. shipping point should be
|in the ending inventory of the current period will have actually noeffect top top net earnings of the next bookkeeping period.|
|that understates the ending inventory will cause net revenue forthe duration to be overstated.|
|that understates the ending inventory will reason assets to beunderstated.|
3.Wholesome Ltd. Has a job in inventory ratio of 50 and averageinventory of $320,000. What is its cost of items sold?
|cannot it is in determined|
4.the managers of Winning means Ltd. Obtain performance bonusesbased ~ above the company’s net income. I m sorry inventory cost formula arethey most likely to favour in periods of decreasing prices?
|Need much more information come answer.|
|They would have no preference.|
Which one of the following statements is true?
|Depreciation is a valuation concept; that is, us allocate coststo reflect the actual adjust in the value of the asset.|
|The adjusting entry for unearned profits results in anincrease come a legal responsibility account and a decrease come a revenueaccount.|
|Expiration of one month of an insurance plan paid in advance,initially taped by debiting Prepaid Insurance, results in anadjusting entry the reduces the company"s liabilities.|
|Adjusting entries never influence cash.|
|None of the over is true.|
6.Under a perpetual inventory device
|there is no need for a year-end physics count.|
|the account acquisition Returns and also Allowances is credited whengoods are returned to vendors.|
|increases in inventory resulting from purchases space debited toPurchases.|
|accounting documents continuously disclose the amount ofinventory.|
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