5 Written questions
4 Matching questions
- What is the classification for goodwill?
- Freight costs incurred by the seller on outgoing merchandise are considered:
- How do you calculate the net income?
- 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.
- a Operating expenses to the seller
- b Periodic Inventory.
- c Long-term investments
- d Income from operations - Other revenue and expense - income tax expense
5 Multiple choice questions
- Gross Profit.
- Net sales.
- a measure of net income earned on each share of common stock.
- A 60-day treasury bill.
- Perpetual Inventory.
5 True/False questions
What is the classification for Equipment? → Property, plant, and equipment
An annual physical count of inventory should be made under... → both the periodic and perpetual inventory systems
Which inventory costing method can be used if each item of inventory is identifiable? → Last in, first out (LIFO).
In a periodic inventory system, the cost of goods sold is determined: → Gross Profit.
Which inventory costing method matches recent costs with recent revenues? → Specific identification