ACCT 311 ch7-9fall04

ACCT 311 ch7-9fall04 - Acct 311 Test Chapters 7 9 Fall 2004 A Smith Name Multiple Choice Write the letter of the best answer(3 points each 1 In

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Acct 311 Test Chapters 7 – 9 Fall 2004 A. Smith Name:________________________________ Multiple Choice. Write the letter of the best answer. (3 points each) _______ 1. In deciding whether financing with receivables is a loan or a sale, the critical element is the extent to which a. the stated interest rates differ from market interest rates. b. the age of the receivables transferred differs from the average age of the receivables. c. the transferee relies on funds from the transferor to maintain operations. d. the transferor of the receivable surrenders control over the assets transferred. Use the following information to answer questions 2 through 4. Inventory records for Cyclops Co. revealed the following: March 1 Inventory – 1000 gallons @ $7.20 = $7,200 Purchases: March 10, 600 gals @ $7.25 Sales: March 5, 400 gals March 16, 800 gals @ $7.30 March 14, 700 gals March 23, 600 gals @ $7.35 March 20, 500 gals March 26, 800 gals 600 units are in ending inventory. _______2. The ending inventory assuming use of periodic LIFO is a. $4,410 b. $4,320 c. $4,350 d. $4,330 _______3. The ending inventory assuming use of FIFO is a. $4,410 b. $4,350 c. $4,320 d. $4,330
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This note was uploaded on 03/14/2010 for the course ACC 311 taught by Professor Smith during the Spring '10 term at Malone University.

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ACCT 311 ch7-9fall04 - Acct 311 Test Chapters 7 9 Fall 2004 A Smith Name Multiple Choice Write the letter of the best answer(3 points each 1 In

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