Inventory Management, Finance And Accounting

Question: For an auto manufacturer, steel would be considered _________.
A
COGS

B
WIP

C
a finished good

D
a raw material

Note: Answer not sure
1. Report
Question: A predetermined estimate of what each item of manufactured inventory should cost, based on past experience and planned production methods, is called the _________.
A
replacement cost

B
net realizable value

C
standard cost

D
acquisition cost

Note: Answer not sure
1. Report
Question: Which of the following is the correct sequence of cost flows for a manufacturing firm?
A
Work in Process, Finished Goods, Cost of Goods Sold, Raw Materials

B
Raw Materials, Work in Process, Finished Goods, Cost of Goods Sold

C
Cost of Goods Sold, Raw Materials, Work in Process, Finished Goods

D
Finished Goods, Work in Process, Raw Materials, Cost of Goods Sold

Note: Answer not sure
1. Report
Question: The account title and the term that designates acquisition of merchandise during the accounting period is called ______.
A
selling

B
purchase

C
marketing

D
costing

Note: Answer not sure
1. Report
Question: Under a perpetual inventory system, _______.
A
no entry is made as withdrawals take place

B
the administration cost is usually less than under the periodic method

C
a physical count of items on hand should be made from time to time

D
items in inventory are usually hard to steal or pilfer

Note: Answer not sure
1. Report
Question: The primary benefit of the specific identification method of inventory costing is that ________.
A
it results in the highest net income

B
it results in the lowest tax liability

C
revenues can be correctly matched to costs

D
it is the easiest to track

Note: Answer not sure
1. Report
Question: For a bakery, flour would be considered _______.
A
a work in process

B
a raw material

C
a finished good

D
a cost of goods sold

Note: Answer not sure
1. Report
Question: Which of the following is the valuation basis that departs from cost when the utility of the goods is no longer as great as their cost?
A
Average cost

B
Weighted cost

C
Lower of cost or market

D
Lot cost

Note: Answer not sure
1. Report
Question: The difference between cost of goods sold based on replacement cost and cost of goods sold based on acquisition cost is the ________.
A
cost of goods sold

B
realized holding gain

C
net income

D
operating expense

Note: Answer not sure
1. Report
Question: Which of the following concepts states that if a firm uses a LIFO assumption in its income tax return, it must also use LIFO in its financial reports to shareholders?
A
FIFO rule

B
IRS tax code

C
LIFO conformity rule

D
GAAP

Note: Answer not sure
1. Report

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Question: For an auto manufacturer, steel would be considered _________.

Question: A predetermined estimate of what each item of manufactured inventory should cost, based on past experience and planned production methods, is called the _________.

Question: Which of the following is the correct sequence of cost flows for a manufacturing firm?

Question: The account title and the term that designates acquisition of merchandise during the accounting period is called ______.

Question: Under a perpetual inventory system, _______.

Question: The primary benefit of the specific identification method of inventory costing is that ________.

Question: For a bakery, flour would be considered _______.

Question: Which of the following is the valuation basis that departs from cost when the utility of the goods is no longer as great as their cost?

Question: The difference between cost of goods sold based on replacement cost and cost of goods sold based on acquisition cost is the ________.

Question: Which of the following concepts states that if a firm uses a LIFO assumption in its income tax return, it must also use LIFO in its financial reports to shareholders?