Finacial Accounting

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Anonymous
ID:
120333
Filename:
Finacial Accounting
Updated:
2011-12-02 18:52:52
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  1. Which of the following accounts would not appear as an asset on a manufacturer's balance sheet?
    Factory overhead
  2. Which of the following companies would be most likely to use a computerize pepetual inventory system?
    Auto parts store
  3. The periodic inventory system is used most commonly by compaies that sell
    low-priced, high-volume merchandise
  4. Which of the following activities is not a component of the operation cycle
    payment of employees' wages
  5. The operating cycle involves the purchase and sale of merchandise inventory as well as the subsequent collection of cash from credit sales
    T
  6. The portion of the cost of goods available for sale that is not assigned to ending inventory is assigned to cost of goods sold
    T
  7. the determination of the balance sheet cost of merchandise inventory is important to the determination of net income
    T
  8. Despite its advantages, the just-in-time operating environment produces increase carrying cost for inventory
    F
  9. Inventory is an example of a long-term asset
    F
  10. A sale takes place when title to the goods transfers to the buyer
    T
  11. Profitability management involves planning a business's cash receipts and cash payments
    F
  12. Service businesses can be classified as wholesalers and retailers.
    F
  13. An understatement of year 1's beginning inventory will
    cause year 1's cost of goods sold to be understated
  14. An overstatement of beginning inventory results in
    an understatement of gross margin
  15. The FIFO inventory method produces the most up-to-date figure for ending inventory
    T
  16. The higher the inventory turnover, the higher the days' inventory on hand
    F
  17. An overstatement of ending inventory in one period results in
    an understatement of gross margin of the next period
  18. The most important accounting problem in dealing with merchandise inventory is the application of which of the following conventions or rules?
    Matching
  19. Each of the following companies is merchandising business except a
    car wash
  20. Which of the following doe snot represent a sale?
    Merchandise placed aside for or customer who plans to come in next week and pay with cash

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