ID: B 13. Under the perpetual inventory system, all purchases of ise are debited
ID: 2392623 • Letter: I
Question
ID: B 13. Under the perpetual inventory system, all purchases of ise are debited to the account entitled Merchandise Inventory Cost of Merchandise Sold Purchases Cost of Merchandise Available for Sale a. b. c. d. 14. The amount of a. face value b. issuance value the promissory note plus the interest earned on the due date is called the c. maturity value d. interest value The inventory method that assigns the most recent costs to cost of goods sold is a. specific identification b. FIFO 15. c. LIFO d. average 16. what entry is required in the company's accounts to record outstanding checks? a. b. c. d none debit Cash; credit Accounts Receivable debit Cash; credit Accounts Payable debit Accounts Receivable; credit Cash The Balance Sheet should be prepared a. b. 17. before the income statement and after the statement of owner's equity after the income statement and the statement of owner's equity after the income statement and before the statement of owner's before the income statement and the statement of owner's equity c. d. 18. Allowance for Doubtful Accounts is classified as a(n) and has a normalbalance. a. contra-asset, debit b. owners' equity, credit c. contra-asset, credit d. owners' equity, debit 19. The initials GAAP stand for a. General Accounting Procedures b. Generally Accepted Accounting Practices c. Generally Accepted Plans d. Generally Accepted Accounting Principles Ending inventory is made up of the oldest purchases when a company uses a. retail method b. last-in, first-out c. average cost d. first-in, first-out 20.Explanation / Answer
Answer from Question number from 13 to 20
13. a. Merchandise Inventory
14. c. Maturity value
15. c. LIFO
16. d. None
17. b. After income statement and the statement of owner,s equity
18. c. Contra asset, Credit
19. d. Generally Accepted Accounting Principles
20. d . First –in , First-out