
Financial Accounting Ch05

Quiz
•
Business
•
University
•
Easy
badr mohamed
Used 2+ times
FREE Resource
61 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Companies using International Financial Reporting Standards (IFRS) use a perpetual inventory system, while companies using U.S. GAAP use a periodic inventory system.
true
false
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Companies using a perpetual inventory system report credit purchases of inventory on the statement of financial position by increasing inventory and decreasing liabilities.
true
false
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Companies using a perpetual inventory system record all credit purchases by increasing inventory and increasing liabilities.
true
false
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Global Care uses a perpetual inventory system and purchased wheelchairs under terms FOB destination. The freight charges associated with the wheelchairs will be added to the inventory account.
true
false
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When the buyer pays an invoice within the discount period, the amount of the discount increases the inventory account.
true
false
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Inventory purchased for $2,500 subject to terms 2/10, net 30 could end up being reported on the statement of financial position at an amount greater than $2,500 if the discount isn’t taken by the buyer.
true
false
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Purchase returns are recorded by the buyer as a decrease to inventory.
true
false
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