Accounting Inventory Costing Methods Multiple Choice Questions Homework Help
- August 31, 2017
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- Category: Accounting QA
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1.Accounts receivable is an example of which of the following?
a.Prepaid expense
b.An accrued expense
c.Unearned revenue
d.Accrued revenue
2.At the end of the current year, the accountant for Navistar Graphics failed to make an adjusting entry for wages due to the company’s employees for the last week in December. The wages will be paid in January. What is one of the effects of this error?
a.Total assets are overstated.
b.Net income is understated.
c.Total liabilities are overstated.
d.Net income is overstated.
3.A business pays salaries of $140,000 on the first and fifteenth days of every month. Which of the following is the adjusting entry required on December 31, 2008?
a.Debit $140,000 to Salaries Expense, credit $140,000 to Salaries Payable
b.Debit $140,000 to Salaries Receivable, credit $140,000 to Salaries Payable
c.Debit $140,000 to Salaries Expense, credit $140,000 to Salaries Receivable
d.No adjusting entry required
4.The adjusting process has two purposes. Which of the following represents these two purposes?
a) 1) Measure net income or loss and 2) Update the balance sheet
b) 1) Compute ending capital and 2) Journalize the period’s activity
c) Both A and B are correct.
d) None of the above
5.Which of the following is TRUE of plant asset accounts and their related accumulated depreciation accounts?
a.The allocation of a plant asset’s cost to expenses is called depreciation.
b.Accumulated depreciation is a contra-asset account that has a normal balance of a credit amount.
c.Accounting for plant assets is the same as accounting for a prepaid expense.
d.All of the above are true.
6.Under which of the following inventory costing methods is the cost of goods sold based on the cost of the oldest purchases?
a.Specific unit cost
b.Average cost
c.Last in first out
d.First in first out
7.Under which of the following inventory costing methods is the cost of goods sold based on the average cost of the purchases during the period?
a.Specific unit cost
b.Average cost
c.Last in first out
d.First in first out
8.Under which of the following inventory costing methods is ending inventory based on the cost of the oldest purchases?
a.Specific unit cost
b.Average cost
c.Last in first out
d.First in first out
9.Under which of the following inventory costing methods is ending inventory based on the cost of the most recent purchases?
a.Specific unit cost
b.Average cost
c.Last in first out
d.First in first out
10.Which of the following requires that financial statement should report the least favorable figures?
a. Accounting conservatism
b. Materiality concept
c. Disclosure principle
d. Consistency principle
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11.Which of the following are common schemes for “cooking the books” involving inventory that are used to increase net income?
a) Overstate ending inventory.
b) Create fictitious sales.
c) Bribe the auditing firm.
d) Both A and B are common schemes.
12.Where does net income appear on a worksheet?
a. Net income appears only in the Balance Sheet credit column.
b. Net income appears in the Income Statement credit column and in the Balance Sheet debit column.
c. Net income appears only in the Income Statement debit column.
d. Net income appears in the Balance Sheet credit column and in the Income Statement debit column.
13.Which of the following situations would indicate that an error has been made?
a. The total of the debit column of Adjustments does not equal the total of the credit column of Adjustments.
b. The total of the debit column of the Balance Sheet does not equal the total of the debit column of the Income Statement.
c. The total of the debit column of the Trial Balance does not equal the total of the debit column of the Adjusted Trial Balance.
d. All of these situations are the result of an error.
14.Where can closing entries be found?
a. On a company’s worksheet
b. On a company’s balance sheet
c. In a company’s general journal
d. On a company’s statement of owner’s equity
15.Which of the following accounts will be closed by debiting the Income Summary?
a. Accounts Payable
b. Accumulated Depreciation
c. Service Revenue
d. Depreciation Expense
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