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BAM110 unit 4 exam




Question;Answer;Multiple Choice Questions (Enter your answers on the enclosed;answer sheet);1) The term F.O.B. means;2) A purchase order is used to;3) The account used to record the purchase of goods is;4) On March 30, Bailey?s Dog Bakery purchased $1,000 of;merchandise on account from the Williams Company. The goods were shipped F.O.B.;shipping point. The freight charge of $80 was paid by Williams Company and;added to the invoice. The amount to record in the Accounts Payable account is;5) The entry to record a payment on a $900 account within the 1%;discount period would include a;6) A purchase discount was recorded as a credit to the Purchases;account - the remainder was correctly recorded. This error will cause;7) The freight paid on equipment purchased F.O.B. shipping point;was debited to the Freight-In account. This error will cause;8) A purchase discount that was earned and taken was never;recorded. This error will cause;9) Returned merchandise paid for within the discount period for a;cash refund. This will be recorded with;10) Purchase returns and allowances;11) Returned merchandise for credit. The perpetual inventory;system is in use. This will;12) Under the perpetual system, the purchase of merchandise is;recorded by a(n);Unit 4 Examination;Introduction to Accounting;13) The inventory method where the cost flows tend to follow the;physical flows are;14) The inventory method that matches old costs with current;selling prices is;15) The advantage of the LIFO method is;16) The principle of consistency states that;17) If the ending inventory is overstated;18) The ending inventory for this year is understated. This error;would cause;19) A business is using LIFO when FIFO should have been used;during an inflationary period. This error would cause;20) Which of the following is an example of a land improvement?;21) Which depreciation method deducts residual value when;computing depreciation expense?;22) Capital expenditures would include;23) Greetings Online disposed of a van that cost $22,000 with;accumulated depreciation of $15,000. The journal entry would be to;24) All of the following are intangible assets except;25) When calculating declining balance depreciation, the;straight-line rate was used instead of double the straight-line rate. In the first;year of ownership, this error would cause


Paper#43983 | Written in 18-Jul-2015

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