Question 1

The statement concerning the perpetual inventory method that is incorrect is:

Accepted Answer

A) A stocktake is required to estimate cost of sales 
B) A continuous record is kept of all movements in inventory 
C) With the increased use of computers it has become the most common system 
D) Cost of sales is calculated for each transaction 
A) A stocktake is required to estimate cost of sales 
B) A continuous record is kept of all movements in inventory 
C) With the increased use of computers it has become the most common system 
D) Cost of sales is calculated for each transaction

Question 2

The s_____________ identification method of valuing inventory requires that each unit sold and each unit on hand is identified with its purchase price.

Accepted Answer

The answer of The s_____________ identification method of valuing inventory...

Question 3

An understatement of ending inventory causes the cost of sales for the period to be overstated/understated)__________________.

Accepted Answer

The answer of An understatement of ending inventory causes the...

Question 4

The n______ r_____________ value of an inventory item for a retailer is its expected selling price in the normal course of business net of GST)less any estimated costs required to dispose of the item.

Accepted Answer

The answer of The n______ r_____________ value of an inventory...

Question 5

Moon uses a periodic inventory system with the weighted average method of cost assignment.The following data are available: $\begin{array}{ccc}\text { Date }& \text { Units Unit }& \text { Cost \$}\
\text { Jan } 6 \text { Beginning inventory } & 1000 & 10 \
15 \text { Purchase } & 2000 & 11 \
26 \text { Purchase } & 1000 & 12\& 4000 \
31 \text { Sale } & 1000&20\\text { Closing inventory }&3000
\end{array}$ What is the value of cost of sales for January?

Accepted Answer

A) $10 000 
B) $11 000 
C) $12 000 
D) $20 000 
A) $10 000 
B) $11 000 
C) $12 000 
D) $20 000

Question 6

A way that products can be unequivocally identified is by the use of:

Accepted Answer

A) Bar codes 
B) Descriptions 
C) Invoice numbers 
D) Photos 
A) Bar codes 
B) Descriptions 
C) Invoice numbers 
D) Photos

Question 7

The ratio that indicates an entity's overall mark-up on goods sold is:

Accepted Answer

A) The inventory turnover ratio 
B) The profit margin ratio 
C) The gross profit ratio 
D) The return on inventory ratio 
A) The inventory turnover ratio 
B) The profit margin ratio 
C) The gross profit ratio 
D) The return on inventory ratio

The statement concerning the perpetual inventory method that is incorrect is:

The s_____________ identification method of valuing inventory requires that each unit sold and each unit on hand is identified with its purchase price.

An understatement of ending inventory causes the cost of sales for the period to be overstated/understated)__________________.

The n r_______ value of an inventory item for a retailer is its expected selling price in the normal course of business net of GST)less any estimated costs required to dispose of the item.

A way that products can be unequivocally identified is by the use of:

The ratio that indicates an entity's overall mark-up on goods sold is:

Decision Making and the Role of Accounting

Financial Statements for Decision Making

Recording Transactions

Adjusting the Accounts and Preparing Financial Statements

Completing the Accounting Cycle

Accounting for Retailing

Accounting for Systems

Accounting for Manufacturing

Cost Accounting Systems

Cash Management and Internal Control

Cost-Volume-Profit Analysis for Decision Making

Budgeting for Planning and Control

Performance Evaluation for Managers

Differential Analysis,profitability Analysis and Capital Budgeting

Partnerships: Formation,operation and Reporting

Companies: Formation and Operations

Regulation and the Conceptual Framework

Receivables

Non-Current Assets: Acquisition and Depreciation

Non-Current Assets: Revaluation,disposal and Other Aspects

Liabilities

Presentation of Financial Statements

Liabilities

Analysis and Interpretation of Financial Statements

Filters

Exam 19: Inventories

The statement concerning the perpetual inventory method that is incorrect is:

The s_____________ identification method of valuing inventory requires that each unit sold and each unit on hand is identified with its purchase price.

An understatement of ending inventory causes the cost of sales for the period to be overstated/understated)__________________.

The n______ r_____________ value of an inventory item for a retailer is its expected selling price in the normal course of business net of GST)less any estimated costs required to dispose of the item.

A way that products can be unequivocally identified is by the use of:

The ratio that indicates an entity's overall mark-up on goods sold is:

Decision Making and the Role of Accounting

Financial Statements for Decision Making

Recording Transactions

Adjusting the Accounts and Preparing Financial Statements

Completing the Accounting Cycle

Accounting for Retailing

Accounting for Systems

Accounting for Manufacturing

Cost Accounting Systems

Cash Management and Internal Control

Cost-Volume-Profit Analysis for Decision Making

Budgeting for Planning and Control

Performance Evaluation for Managers

Differential Analysis,profitability Analysis and Capital Budgeting

Partnerships: Formation,operation and Reporting

Companies: Formation and Operations

Regulation and the Conceptual Framework

Receivables

Non-Current Assets: Acquisition and Depreciation

Non-Current Assets: Revaluation,disposal and Other Aspects

Liabilities

Presentation of Financial Statements

Liabilities

Analysis and Interpretation of Financial Statements

Filters

The n r_______ value of an inventory item for a retailer is its expected selling price in the normal course of business net of GST)less any estimated costs required to dispose of the item.