5 Written questions
5 Matching questions
- What is the classification for supplies?
- A company should classify land held for a planned manufacturing facility as...
- 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.
- Which inventory costing method matches recent costs with recent revenues?
- What is: An account that is offset against a revenue account on the income statement.
- a an investment
- b Contra Revenue Account.
- c Property, plant, and equipment
- d Perpetual Inventory.
- e Last in, first out (LIFO).
5 Multiple choice questions
- both the periodic and perpetual inventory systems
- Gross Profit.
- A customer check dated December 1.
- Sales Revenue
- At the end of the accounting period.
5 True/False questions
What is the classification for Cash? → Property, plant, and equipment
What is the classification for Income Tax Expense? → Not on the balance sheet
What is the classification for Common Stock? → Stockholders' Equity
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.
How do you calculate other revenues and expenses? → Add all operating expenses