Financial Accounting Ch05

Financial Accounting Ch05

University

61 Qs

quiz-placeholder

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Financial Accounting Ch05

Financial Accounting Ch05

Assessment

Quiz

Business

University

Easy

Created by

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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