The periodic inventory system is generally used when the individual inventory items have a small peso inventory, such as grocery items.

ACCCOB2_5_Inventories

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Editha Trinidad
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10 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
T
F
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
The cost of inventory is the sum of cost of purchase and cost of conversion.
T
F
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Cash discounts permitted on purchase of raw materials should be deducted from inventory, only if taken.
T
F
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Freight and other handling charges incurred in the transfer of goods from the consignor to consignee are inventoriable by the consignee.
T
F
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
In a period of rising prices, the inventory cost allocation method that tends to result in the highest reported net income is FIFO.
T
F
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following accounts is not reported in inventory?
Held for sale in the ordinary course of business
Items in the process of production for sale
Items in the form of materials and supplies to be consumed in the production process or in the rendering of services
Office supplies
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Merchandise shipped FOB destination point on the last day of the year should ordinarily be included in
the buyer’s inventory balance.
both the buyer’s and the seller’s inventory balances.
neither the buyer’s nor seller’s inventory balance.
the seller’s inventory balance.
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