Finance And Accounting

Question: The selling price less the cost of marketing equals the ________.
A
net income

B
operating expense

C
net realizable value

D
cash flow

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

B
FIFO

C
average cost

D
specific identification

Note: Answer not sure
1. Report
Question: Which of the following inventory cost flow assumptions is physically appropriate for liquid or other types of products for which distinguishing different lots is difficult?
A
Specific cost

B
Weighted average method

C
Depletion

D
Lot costing

Note: Answer not sure
1. Report
Question: From an international perspective, which of the following statements is NOT accurate?
A
Firms in most countries use FIFO and weighted average cost flow assumptions.

B
All major developed countries require the lower of cost or market method.

C
Few countries, except the U.S. and Japan, allow the LIFO method.

D
All of the statements are accurate.

Note: Answer not sure
1. Report
Question: The _______ is the amount a firm would have to pay to acquire a replacement for an inventory item at that a particular time.
A
replacement cost

B
net realizable value

C
standard cost

D
market selling value

Note: Answer not sure
1. Report
Question: Which of the following inventory systems is designed so that the cost of withdrawals is recorded at the time assets are withdrawn from inventory?
A
Periodic inventory system

B
Perpetual inventory system

C
LIFO

D
FIFO

Note: Answer not sure
1. Report
Question: The term "anticipation stock" refers to ________.
A
JIT inventory

B
normal inventory on hand

C
finished goods

D
additional inventory built up for periods when demand increases

Note: Answer not sure
1. Report
Question: The Work in Process account would not be debited for which of the following items?
A
Direct labor costs

B
Manufacturing overhead costs

C
Selling and administrative costs

D
Costs of raw materials put into production

Note: Answer not sure
1. Report
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

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Question: The selling price less the cost of marketing equals the ________.

Question: LIFO refers to the cost flow for units sold. The parallel description for ending inventory is ________.

Question: Which of the following inventory cost flow assumptions is physically appropriate for liquid or other types of products for which distinguishing different lots is difficult?

Question: From an international perspective, which of the following statements is NOT accurate?

Question: The _______ is the amount a firm would have to pay to acquire a replacement for an inventory item at that a particular time.

Question: Which of the following inventory systems is designed so that the cost of withdrawals is recorded at the time assets are withdrawn from inventory?

Question: The term "anticipation stock" refers to ________.

Question: The Work in Process account would not be debited for which of the following items?

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 _________.