Finance And Accounting

Question: A stock of goods owned by a firm and held for sale to customers is called _____________.
A
cost of goods sold

B
FIFO

C
inventory

D
LIFO

Note: Answer not sure
1. Report
Question: Which of the following is a method for assigning cost in which a firm can physically match individual units sold with a specific purchase?
A
Average cost

B
Weighted cost

C
COGS

D
Specific identification

Note: Answer not sure
1. Report
Question: The term "safety stock" _______.
A
refers to the minimum stock that a firm must have on hand

B
is the same as JIT Inventory

C
refers to a "buffer stock" that is kept on hand so the firm does not run out of an item if there is an increase in demand

D
refers to the inventory of safety-related items

Note: refers to the inventory of safety-related items
1. Report
Question: Which of the following is a predetermined estimate of what each item of manufactured inventory should cost based on past cost and planned production methods?
A
Standard cost

B
Average cost

C
LIFO

D
FIFO

Note: Answer not sure
1. Report
Question: Why wouldn't a company purchase enough inventory to last for several months at a time?
A
The per-unit cost is higher.

B
Suppliers cannot meet the demand.

C
There is no reason not to do so.

D
Companies want to manage their cash effectively.

Note: Answer not sure
1. Report
Question: The difference between the selling price of an item and its replacement cost at the time of sale is called the _________.
A
operating margin

B
realized holding gain

C
unrealized holding gain

D
gross margin

Note: Answer not sure
1. Report
Question: Which of the following is the contra account title used to record discounts for early payments for merchandise?
A
Purchase discounts

B
Accounts receivable discounts

C
Trade discounts

D
Cost of goods sold

Note: Answer not sure
1. Report
Question: The term "distressed inventory" refers to _______.
A
inventory that must go through a stress test

B
inventory that is no longer useful or saleable

C
raw materials

D
finished goods

Note: Answer not sure
1. Report
Question: Inventory turnover can be calculated using _______.
A
Average Inventory/Cost of Goods Sold

B
Purchases/Sales

C
Net Income/Sales

D
Cost of Goods Sold/Average Inventory

Note: Answer not sure
1. Report
Question: The ________ is the difference between the current replacement cost of the ending inventory and its acquisition cost.
A
operating margin

B
realized holding gain

C
unrealized holding gain

D
gross margin

Note: Answer not sure
1. Report

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Question: A stock of goods owned by a firm and held for sale to customers is called _____________.

Question: Which of the following is a method for assigning cost in which a firm can physically match individual units sold with a specific purchase?

Question: The term "safety stock" _______.

Question: Which of the following is a predetermined estimate of what each item of manufactured inventory should cost based on past cost and planned production methods?

Question: Why wouldn't a company purchase enough inventory to last for several months at a time?

Question: The difference between the selling price of an item and its replacement cost at the time of sale is called the _________.

Question: Which of the following is the contra account title used to record discounts for early payments for merchandise?

Question: The term "distressed inventory" refers to _______.

Question: Inventory turnover can be calculated using _______.

Question: The ________ is the difference between the current replacement cost of the ending inventory and its acquisition cost.