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  3. Strayer ACC 557 Week 5 Chapter 6 Quiz

Strayer ACC 557 Week 5 Chapter 6 Quiz

This Tutorial contains All possible Questions from this chapter

Question no 1

Cost of goods sold is determined only at the end of the accounting period in

  • neither a perpetual nor a periodic inventory system.
  • a perpetual inventory system.
  • a periodic inventory system.
  • both a perpetual and a periodic inventory system

Question no 2

A sales invoice is a source document that

  • provides evidence of incurred operating expenses.
  • provides evidence of credit sales.
  • serves only as a customer receipt.
  • provides support for goods purchased for resale.

Question no 3

Financial information is presented below:

  • Operating Expenses $ 45,000
  • Sales Returns and Allowances 9,000
  • Sales Discounts 6,000
  • Sales Revenue 160,000
  • Cost of Goods Sold 87,000

Question no 4

The gross profit rate would be

  • 503.
  • 363.
  • 400.
  • 456.

Question no 5

The Sales Returns and Allowances account is classified as a(n)

  • contra revenue account.
  • contra asset account.
  • expense account.
  • asset account.

Question no 6

On October 4, 2013, JT Corporation had credit sales transactions of $3,200 from merchandise having cost $1,900. The entries to record the day’s credit transactions include a

  • credit of $1,900 to Cost of Goods Sold.
  • credit of $3,200 to Sales Revenue.
  • debit of $1,900 to Inventory.
  • debit of $3,200 to Inventory.

Question no 7

Comprehensive income under IFRS

  • excludes unrealized gains and losses included in net income, in contrast to GAAP.
  • includes unrealized gains and losses included in net income, similar to GAAP.
  • excludes unrealized gains and losses included in net income, similar to GAAP.
  • includes unrealized gains and losses included in net income, in contrast to GAAP

Question no 8

If a company has net sales of $700,000 and cost of goods sold of $490,000, the gross profit percentage is

  • 30%.
  • 70%.
  • 100%.
  • 15%.
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Question no 9

The consistent application of an inventory costing method is essential for

  • accuracy.
  • efficiency.
  • comparability.
  • conservatism.

Question no 10

The inventory turnover ratio is computed by dividing cost of goods sold by

  • beginning inventory.
  • ending inventory.
  • average inventory.
  • 365 days.

Question no 11

Switzer, Inc. has 5 computers which have been part of the inventory for over two years. Each computer cost $600 and originally retailed for $900. At the statement date, each computer has a current replacement cost of $400. How much loss should Switzer, Inc., record for the year?

  • $2,000.
  • $2,500.
  • $1,000.
  • $1,500.

Question no 12

Which one of the following inventory methods is often impractical to use?

  • LIFO
  • FIFO
  • Specific identification
  • Average cost

Question no 13

Overstating ending inventory will overstate all of the following except

  • net income.
  • owner’s equity.
  • assets.
  • cost of goods sold.

Question no 14

Under IFRS, companies can choose which inventory system?
LIFO FIFO

  • Yes No
  • Yes Yes
  • No Yes
  • No No

Question no 15

The lower-of-cost-or-market (LCM) basis may be used with all of the following methods except

  • FIFO.
  • LIFO.
  • The LCM basis may be used with all of these.
  • average cost.

Question no 16

Inventory items on an assembly line in various stages of production are classified as

  • Raw materials.
  • Merchandise inventory.
  • Finished goods.
  • Work in process.
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