Ch 6 accounting

Card Set Information

Author:
betsiie11
ID:
205336
Filename:
Ch 6 accounting
Updated:
2013-03-06 02:41:08
Tags:
accounting
Folders:

Description:
accounting chapter 6
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user betsiie11 on FreezingBlue Flashcards. What would you like to do?


  1. Three inventory accounts
    • Raw materials
    • Work-in-process
    • Finished goods
  2. Inventory is recorded in what financial statement?
    Balance sheet
  3. Cost of goods sold
    expense
  4. cost of goods sold is recorded in what financial statement
    Income statement
  5. Beginning inventory + purchases = _____
    Costs of goods sold (COGS)
  6. Specific identification method
    Matches each unit of inventory with its actual cost
  7. FIFO
    First in, first out
  8. LIFO
    Last in, first out
  9. Weighted average cost
    Assume COGS and ending inventory consist of a weighted average cost of goods available for sale
  10. ____ more closely resembles
    the actual physical flow of inventory
    FIFO
  11. Higher reported ending inventory
    A. FIFO
    B. Weighted- average cost
    C. LIFO
    A. FIFO
    (this multiple choice question has been scrambled)
  12. Higher reported net income in the income statement
    A. FIFO
    B. Weighted- average cost
    C. LIFO
    A. FIFO
    (this multiple choice question has been scrambled)
  13. Lower reported inventory
    A. FIFO
    B. Weighted- average cost
    C. LIFO
    C. LIFO
    (this multiple choice question has been scrambled)
  14. Lower net income-taxable income
    A. LIFO
    B. Weighted- average cost
    C. FIFO
    A. LIFO
    (this multiple choice question has been scrambled)
  15. Recording inventory, DR ___ and CR ____
    • DR Cost of goods sold
    •   CR Inventory

What would you like to do?

Home > Flashcards > Print Preview