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The inventory is added to the inventory documents after three files are reconciled. Among those files is the:A) receiving report.B) agency check.C) sales receipt.D) general journal.
Several controls are provided to safeguard inventory EXCEPT:A) hiring protection guards.B) keeping high-priced perform behind lock and also key.C) allowing all employees access to the materials warehouse.D) installing sensors at all exits.
The details identification inventory technique can be used:A) once the unit marketed is figured out with a certain purchase.B) by an vehicle dealer whereby automobiles have distinct serial numbers.C) as soon as each inventory unit deserve to be specifically identified.D) all of these choices are correct.
Which that the following is TRUE concerning the perpetual LIFO list method:A) Unit expenses for each item space averaged every time a acquisition is made.B) The expense of the units sold is the cost of the most recent purchases.C) expenses are consisted of in the cost of merchandise sold in the bespeak in which devices were purchased.D) every one of these choices are correct.
Which list cost method offers income tax savings throughout periods of rising prices:A) weighted median inventory price methodB) LIFO inventory expense methodC) FIFO inventory price methodD) certain identification inventory price method
The list cost technique that will certainly yield a higher ending inventory during times that inflation will be the:A) details identification inventory cost method.B) weighted average inventory expense method.C) FIFO inventory price method.D) LIFO inventory cost method.
The cost method that will yield an finishing inventory worth that is what between feasible high and also low costs (prices) using traditional costing techniques is the:A) certain identification inventory cost method.B) weighted average inventory expense method.C) FIFO inventory cost method.D) LIFO inventory expense method.
The cash, land, inventory, and accounts receivable accounts are shown on the balance sheet. In i beg your pardon order have to they be listed:A) cash, inventory, accounts receivable, landB) cash, accounts receivable, inventory, landC) land, inventory, accounts receivable, cashD) inventory, account receivable, cash, land
During the taking of the physics inventory, the agency inadvertently counted its inventory together $98,000 instead of the exactly amount of $89,000. Suggest the result of the misstatement top top the balance paper of the present year:A) Liabilities are overstated by $9,000.B) Assets space overstated by $9,000.C) Assets are understated through $9,000.D) Stockholders" same is understated through $9,000.
Regarding consigned inventory:A) the consignee maintain the location to the inventory.B) the retailer is the consignor.C) the manufacturer is the consignor.D) the unsold goods is part of the consignee"s documents at year end.
The perform is included to the inventory documents after all of the following are reconciled, except the:A) merchant invoice.B) purchase order.C) sales invoice.D) receiving report.
The three most typical inventory expense flow methods are:A) FIFO, LIFO, and certain identification.B) FIFO, LIFO, and weighted mean cost.C) nobody of these choices are correct.D) FIFO, retail, and also weighted mean cost.
When the weighted median cost method is provided for the perpetual inventory system, a weighted typical unit expense for each item is determined:A) every time a purchase is made.B) at the finish of the time period.C) no one of these options are correct.D) in ~ the beginning of the moment period.
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Which that the adhering to is a benefit of using a computerized perpetual inventory system:A) Computerized perpetual inventory systems help managers monitor inventory.B) Computerized perpetual inventory systems are useful when recording many inventory transactions.C) all of these choices are services of making use of a computerized perpetual list system.D) Sales patterns deserve to be analyzed quickly when using computerized perpetual list systems.