Accounting for Merchandising When you have completed your exam and reviewed your

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Accounting for Merchandising When you have completed your exam and reviewed your answers, click Submit Exam. Answers will not be recorded until you hit Submit Exam. If you need to exit before completing the exam, click Cancel Exam Questions 1 to 20: Select the best answer to each question. Note that a question and its answers may be split across a page break, so be sure that you have seen the entire question and all the answers before choosing an answer periods will be misstated 1. If a misstatement of inventory occurs, the net income for A. 1 B. 3 C. 0 2. In order to attract investors and borrow on attractive terms, a company would use when inventory costs are rising n times A. specific-identification costing B. LIFO C. FIFO D. average costing 3. Which of the following would probably not need to be disclosed in a footnote? A. A change in depreciation method B. A material change in estimated shrinkage C. Change of inventory methods D. A 10 o ncrease in sales is used to determine the amount of inventory actually on hand at the end of the 4. A/An accounting period. A. inventory shrinkage B. inventory layer C. footnote D. physical inventory count 5. Land is an example of a A. current liability B. long-term liability C. long-term asset. D. current asset

Explanation / Answer

Question No. Correct option 1 D 2 B 3 D 4 D 5 C 6 A 7 C 8 C 9 C 10 D 11 A 12 D 13 B 14 A 15 D 16 A 17 C 18 D 19 A 20 D

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