achivmt_test_answ6

achivmt_test_answ6 - 9th Edition Financial and Managerial...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
9th Edition Financial and Managerial Accounting Warren/Reeve Chapter Test 6A FILL-IN-THE-BLANK—PRINCIPLES AND TERMINOLOGY INSTRUCTIONS: Complete each of the following statements by writing the appropriate words or amounts in the A
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
TEST 6A (Concluded) Answers column. For Answers Scoring 0. In which section of the balance sheet is merchandise inventory reported? current assets 0. ____ 1. When the inventory of merchandise can be determined only by a detailed count of the items on hand, the system is called . ...................... 1. ____ 2-3. Would a perpetual inventory system normally be practical for the following types of businesses without a computerized system? (answer yes or no)
Background image of page 2
2. Retail jewelry dealer . ................................................................................ 2. ____ 3. Retail clothing store . ................................................................................. 3. ____ 4. The subsidiary ledger containing a perpetual record of each type of merchandise available for sale is called the . ........................................... 4. ____ 5. If the cost of an item of inventory is $55, the current replacement cost is $50, and the selling price is $95, the amount included in inventory according to the lower of cost or market concept is . ............................... 5. ____ 6. Merchandise in transit should be included in the seller’s inventory if the terms are FOB . ......................................................................................... 6. ____ 7. In recording the cost of merchandise sold for cash, based on data
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
TEST 6A (Concluded) available from perpetual inventory records, the account credited is . ...... 7. ____ 8. The inventory method that considers the inventory to be composed of the units of merchandise acquired earliest is called . ........................... 8. ____
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/27/2008 for the course ACG 2021 taught by Professor Cobb during the Spring '08 term at Saint Petersburg.

Page1 / 11

achivmt_test_answ6 - 9th Edition Financial and Managerial...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online