Advance Accounting True or False Questions Homework Help
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State Whether the following statements are True or False
1) The periodic inventory system is normally used for relatively inexpensive goods.
2) When a company uses the perpetual inventory method, the inventory account should stay current at all times.
3) When a company uses the perpetual inventory method, it should NOT be necessary to conduct a physical count of inventory.
4) The entry to close Sales discounts and Sales returns and allowances results in a debit to Income summary.
5) If a physical count of inventory indicates that the Inventory account is overstated, an additional adjusting entry is required.
6) The entry to close Cost of goods sold results in a debit to Income summary.
7)The consistency principle states that a business should use the same accounting methods from period to period.
8) The lower-of-cost-or-market rule demonstrates accounting conservatism in action.
9) A company reports that it uses the FIFO method of inventory costing. This is an example of the disclosure principle.
10) A company should NOT change the inventory costing method each period in order to maximize net income. This is an example of the disclosure principle.
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11)An overstatement of ending inventory in the current period results in the understatement of Net income in the current year.
12) Using the FIFO costing method will always produce the same results whether a company uses perpetual or periodic inventory.
13) Using the LIFO costing method will always produce the same results whether a company uses perpetual or periodic inventory.
14) When using periodic inventory, the closing process begins with closing out the Beginning inventory to Cost of goods sold.
15) When using periodic inventory, the closing process begins with closing out the Beginning inventory to Cost of goods sold. The second step is to set up the ending inventory by debiting Cost of goods sold and crediting Inventory.
16) Under periodic inventory, the company first calculates Cost of goods sold for the period, and then determines what the Ending inventory balance is.
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