Quiz on inventories

Quiz on inventories

University

10 Qs

quiz-placeholder

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Quiz on inventories

Quiz on inventories

Assessment

Quiz

Financial Education

University

Medium

Created by

Jendie Francisco

Used 6+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

All of the criteria set in PAS 2 shall be met in order for an asset to be classified as inventory.

TRUE

FALSE

SOMEWHAT TRUE

SOMEWHAT FALSE

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

All storage costs may be capitalized as part of inventory cost.

TRUE

SOMEWHAT TRUE

FALSE

SOMEWHAT FALSE

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

List price is P1.2M with 25% trade disc, terms 2/15, n/60. How much is the payment if made within the disc period?

Php 1,200,000

Php 900,000

Php 1,176,000

Php 882,000

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Media Image

Compute for the total manufacturing cost.

Php 3,480,000

Php 2,200,000

Php 1,900,000

Php 2,280,000

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Goods sold through FOB shipping point shall be excluded from the SELLER'S inventory.

TRUE

FALSE

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The inclusion or exclusion of inventory in transit shall depend on the party who actually paid for the freight.

FALSE

TRUE

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Media Image

Inventory per physical count is P1,500,000. Compute for the adjusted inventory cost.

Php 1,800,000

Php 1,700,000

Php 1,500,000

Php 1,400,000

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