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A2_Mid_Chapter1 Quiz

Authored by Hang Nimol

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A2_Mid_Chapter1 Quiz
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What are the three types of inventory in a manufacturing company?

Raw materials, prepaid expenses, finished goods

Raw materials, work-in-progress, finished goods

Work-in-progress, prepaid expenses, cash

Finished goods, cash, accounts receivable

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What does FOB stand for?

Freight on Balance

Free on Board

Freight on Business

Free on Business

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which inventory costing method is not allowed under IFRS?

FIFO

LIFO

Weighted Average

Specific Identification

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is the formula for Gross Profit?

Sales Revenue – Operating Expenses

Net Income – Taxes

Sales Revenue – Cost of Goods Sold

Inventory – Cost of Goods Sold

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Under FOB Destination, who pays for shipping?

Buyer

Seller

Freight Company

Government

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Why is LIFO considered less faithful in representing inventory flows?

It uses the oldest costs first

It distorts income when inventory is low

It matches current costs with current revenues

It is too complex to apply

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What does Net Realizable Value (NRV) represent?

Original cost of inventory

Estimated selling price minus disposal costs

Market value of inventory

Cost of goods sold

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