Finance And Accounting

Question: Which of the following cost flow assumptions leads to the deferral of income taxes during periods of rising prices?
A
FIFO

B
LIFO

C
Specific item

D
Average cost

Note: Answer not sure
1. Report
Question: The primary benefit of cycle counting is that ________.
A
it's less work than an annual count

B
the IRS prefers it

C
it eliminates the need for a year-end count of the entire inventory

D
it results in higher net income

Note: Answer not sure
1. Report
Question: If the ________ is used for income tax purposes, the Internal Revenue Service requires its use for income determination for financial reports to owners.
A
FIFO method

B
LIFO method

C
Weighted average method

D
Replacement cost method

Note: Answer not sure
1. Report
Question: Which of the following is NOT a factor when applying the lower of the cost method or the market valuation method?
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 equation for determining the cost of goods sold?
A
Beginning Inventory - Purchases + Ending Inventory = Cost of Goods Sold

B
Beginning Inventory + Purchases - Ending Inventory = Cost of Goods Sold

C
Beginning Inventory + Purchases + Ending Inventory = Cost of Goods Sold

D
None of these

Note: Answer not sure
1. Report
Question: The term "JIT Inventory" means _______.
A
Just Info Technology Inventory

B
Just In Time Inventory

C
Juice Is Tasty Inventory

D
Job Info Tech Inventory

Note: Answer not sure
1. Report
Question: Which of the following cost flow assumptions assigns the costs of the earliest units acquired to the withdrawals, and the costs of the most recent acquisitions to the ending inventory?
A
FIFO

B
LIFO

C
Average costing

D
Weighted costing

Note: Answer not sure
1. Report
Question: FIFO refers to the cost of the units sold. The parallel description for ending inventory is ______.
A
LIFO

B
specific cost

C
average cost

D
LISH

Note: Answer not sure
1. Report
Question: Which of the following is not a period expense?
A
Salary of the vice president of sales

B
Salaries of factory custodial employees

C
Salaries of administrative clerical personnel

D
Salaries of employees who deliver the finished product to customers

Note: Answer not sure
1. Report
Question: The term "economy of scale" refers to ________.
A
economic equilibrium

B
the lower per-unit costs that result from buying in bulk

C
a measuring tool for goods with mass

D
the optimal order quantity

Note: Answer not sure
1. Report

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Question: Which of the following cost flow assumptions leads to the deferral of income taxes during periods of rising prices?

Question: The primary benefit of cycle counting is that ________.

Question: If the ________ is used for income tax purposes, the Internal Revenue Service requires its use for income determination for financial reports to owners.

Question: Which of the following is NOT a factor when applying the lower of the cost method or the market valuation method?

Question: Which of the following is the correct equation for determining the cost of goods sold?

Question: The term "JIT Inventory" means _______.

Question: Which of the following cost flow assumptions assigns the costs of the earliest units acquired to the withdrawals, and the costs of the most recent acquisitions to the ending inventory?

Question: FIFO refers to the cost of the units sold. The parallel description for ending inventory is ______.

Question: Which of the following is not a period expense?

Question: The term "economy of scale" refers to ________.