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28 Cards in this Set

  • Front
  • Back
all of the following are inventory costing methods except:
first-in-first-out
average cost
periodic
specific identification
periodic
which of the following is an inventory processing system?
perpetual
last in last out
lower of cost of market
average cost
perpetual
the most important accounting problem in dealing with merchandise inventory is the applicaiton of which of the following conventions or rules
matching
an inventory valuation method
lower of cost or market
when applying the lower of cost or market rule the inventory valuation market generally means
replacement cost
goods held on consignment are
never owned by the consignee
in a period of declining prices, which of the following inventory methods generally results in the lowest balance sheet figure for inventory
FIFO
in a period or rising prices, which of the following inventory methods generally results in the lowest gross margin figure?
LIFO
Which of the following cases would the gross profit method most likely be used?
in a company with good accounting records
in applying the averge cost method
in estimating the market value of inventory for applicaiton of the lower or cost or market rule
in estimating an inventory from loss of fire
in estimating an inventory loss from fire
when applying the retail method, which of the following would not be a component of the cost to retail percentage
sales
cash consists of all the following except
IOU's from customers
which of the following is not classified as a short-term financial asset
equipment
the sale or transfer of accounts receivable to raise funds is called
factoring
which of the following statements is true about factoring without recource
an example is the use of a major credit card
the most liquid of all assets is
cash
which of the following would not be considered cash?
postage stamps
customers accounts with credit balances should be disclosed as a
current liability on the balance sheet
which of the following would be deducted from the balance per books on a bank reconciliation?
service charges
which of the following would be added to the balance per books on the bank reconciliation?
notes collected by the banks
the accont allowance for uncollectible accounts is classified as a
expense or contra account to accounts receivable
which of the following most likely would be classified as a current liability
dividends payable
a liability is recongnized when
an obligation has arisen
current liabilities are debits that are expected to be satified within
one year or te normal operating cycle, whichever is longer
failure to record a liability probably will
result in an overstated net income
all of the following are estimated liabilities except
payroll liability
a contingent liability is recorded in the accountig records
if it probably will become an actual liability and the amount can be reasonably estimated
liabilities that might arise from which of the following probably would be disclosed only in the notes to the financial statements
possible warranty claims
which of the following is a contingent liability
disputed additional tax assessment