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5 Written questions

5 Matching questions

  1. What is the classification for supplies?
  2. A company should classify land held for a planned manufacturing facility as...
  3. What is: A detailed inventory system in which the cost of each invewntory item is maintained and the rcords continuously show the inventory that should be on hand.
  4. Which inventory costing method matches recent costs with recent revenues?
  5. What is: An account that is offset against a revenue account on the income statement.
  1. a an investment
  2. b Contra Revenue Account.
  3. c Property, plant, and equipment
  4. d Perpetual Inventory.
  5. e Last in, first out (LIFO).

5 Multiple choice questions

  1. both the periodic and perpetual inventory systems
  2. Gross Profit.
  3. A customer check dated December 1.
  4. Sales Revenue
  5. At the end of the accounting period.

5 True/False questions

  1. What is the classification for Cash?Property, plant, and equipment

          

  2. What is the classification for Income Tax Expense?Not on the balance sheet

          

  3. What is the classification for Common Stock?Stockholders' Equity

          

  4. What is: An inventory system in which detailed records are not maintained and the cost of goods sold is determined only at the end of an accounting period.Gross Profit.

          

  5. How do you calculate other revenues and expenses?Add all operating expenses

          

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