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Acoounting and Merchandising

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Question;Exam 061690 Accounting and Merchandising New Technology like the latest cell phones and HDTV would probably be costed using the;A Lifo method of inventory costing;B Moving average method of inventory costing;C Specific identification method of inventory costing;D FIFO method of inventory costing;2 Which of the following is an incorrect statement if ending inventory is overstated?;A Net income is overstated;B Cost of goods sold is overstated;C Income tax is overstated;D Gross profit is overstated;3 A company current ratio from 1.23 to 1.45 what does this mean;A this means that the current assets increased and current liabilities decreased;B this means that current assets increased and current liabilities increased;C This isn't enough information to explain the increase;D this means that the current assets decreased and current liabilities decreased;4 A drawback to using___________ when inventory cost are rising is that the company reports lower income;A average costing;B Specific-Identification costing;C FIFO;D LIFO;5 Bill Bikes had sales for the week of $3569 of which $2900 was on credit and $659 was in cash sales. The cost of the bikes sold was $1888 the journal entries would include a;A Debit to cash for 3569 credit to cost of goods sold for 3569;B Debit to cash for 3569 credit to sales for 3569;C debit to cost of goods sold for 1888 credit to inventory for 1888;D Debit to cost of goods sold for 1888 credit to sales for 1888;6 which of the following is an incorrect statement if ending inventory is understated?;A gross profit is overstated;B Net income is understated;C Income tax is understated;D Cost of goods sold is overstated;7 Casey Company's beginning inventory and purchases during the fiscal year ended December 31, 2012;were as follows;Note: The company uses a perpetual system of inventory.);What is the cost of goods sold for Casey Company for 2012 using LIFO?;Units Unit Price Total Cost;January 1?Beginning Inventory 20 $12 $240;March 8?Sold 14;April 2?Purchase 30 $13 $390;June 5?Sold 25;Aug 6?Purchase 25 $14 $350;Sept 11?Sold 22;Total Cost of Inventory $980;Ending inventory is 14 units.;8 The major difference in the statement of retaining earnings between a service business and a merchandising business is;A That the retained earnings statements of a merchandising business the cost of goods sold;B That the retained earnings statements of a merchandising business includes dividends;C nothing there are not differences the two;D That the retained earnings statements of a service business include dividends

 

Paper#43361 | Written in 18-Jul-2015

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