
QUIZ 2 - CHAPTER 8 & 9
Authored by NORKHAIRUL AZLINA BM
Other
12th Grade
Used 12+ times

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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Beginning inventory plus the cost of goods purchased equals ___________________
cost of goods available for sale.
net purchases.
total goods purchased.
cost of goods sold.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which inventory system records inventory continuously?
Periodic.
Moving Average.
Last-In, First-Out (LIFO)
Perpetual.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The most outdated purchases included in the inventory value is found in the ________ method
Standard Cost.
Moving Average.
Last-In, First-Out (LIFO)
First-In, First-Out (FIFO)
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Under a perpetual inventory system which account should be debited to record sales on account?
Accounts Payable.
Purchases.
Accounts Receivable.
Inventory.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The First-In, First-Out (FIFO) inventory method assumes that the cost of the latest units purchased are
the last to be allocated to cost of goods sold.
the last to be allocated to ending inventory.
the first to be allocated to cost of goods sold.
not allocated to cost of goods sold or ending inventory.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Last-In, First-Out (LIFO) inventory method assumes that the cost of the latest units purchased are
the last to be allocated to cost of goods sold.
the first to be allocated to ending inventory.
the first to be allocated to cost of goods sold.
not allocated to cost of goods or ending inventory.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT an example for non-current asset?
Supplies.
Building.
Office Equipment.
Vehicle.
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