Financial Accounting > QUESTIONS & ANSWERS > ACCT212 QuizzesWeek 4 questions and answers docs 2020 DeVry University (All)

ACCT212 QuizzesWeek 4 questions and answers docs 2020 DeVry University

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ACCT212 QuizzesWeek 4 questions and answers docs 2020 DeVry University Question 1 3 / 3 pts (TCO 4) The financial statements of a merchandising company will show the same accounts as the financi... al statements of a service company. cost of goods sold as an operating expense on the income statement. Question 2 3 / 3 pts (TCO 4) Another term for gross profit is gross income. gross sales. gross operating income. Question 3 3 / 3 pts (TCO 4) A small _____ would most likely use a perpetual inventory system. fabric store See Chapter 6. Question 4 3 / 3 pts (TCO 4) All of the following costs would be included in inventory except for freight-in. 3 / 3 pts (TCO 4) The specific-unit-cost method will produce the highest net income. Question 6 3 / 3 pts (TCO 4) To determine the average cost per unit the beginning inventory is divided by the number of units available. the cost of goods available is divided by the number of units sold. the purchases for the period are divided by the number of units available. Question 7 3 / 3 pts (TCO 4) When inventory prices are falling, the LIFO costing method will generally result in a lower gross profit than under FIFO. Question 8 3 / 3 pts (TCO 4) The disclosure principle states that a company should report _____ and _____ information about itself. material, relevant important, conservative representational faithful, financial Question 9 3 / 3 pts (TCO 4) The lower-of-cost-or-market rule is based on the accounting principle of disclosure. materiality. Question 10 3 / 3 pts (TCO 4) The inventory turnover ratio is determined by dividing cost of goods sold by net sales. [Show More]

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