6 Interactive Quiz B

6 Interactive Quiz B - Interactive Quiz B Home > Chapter 6...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Interactive Quiz B http://highered.mcgraw-hill.com/sites/0072996536/student_view0/chapter6/interactive_quiz_b.html[6/22/2010 6:41:23 PM] Interactive Quiz B (See related pages) Results Reporter Out of 30 questions, you answered 17 correctly with a final grade of 57% 17 correct (57%) 13 incorrect (43%) 0 unanswered (0%) Your Results: The correct answer for each question is indicated by a . 1 INCORRECT When goods are shipped FOB shipping point, the buyer is responsible for paying the transportation charges, but when the goods are shipped FOB destination, the seller is responsible for the transportation charges. A) True B) False Feedback: The buyer is responsible for transportation charges when items are shipped FOB shipping point. The seller is responsible for transportation charges when the goods are shipped FOB destination. 2 INCORRECT Damaged goods are not included in the firm's physical inventory if they cannot be sold. If the items can be sold at a reduced price, they are included in the inventory at a reduced price called the net realizable value. A) True B) False Feedback: Damaged goods are not included in the firm's physical inventory if they cannot be sold. If they can be sold at a reduced price, they are included in the inventory at a reduced price called the net realizable value. 3 CORRECT When a company buys inventory and incurs transportation costs to ship the goods to its business location, the transportation costs are debited to an expense account called Delivery Expense which is classified as a selling expense. A) True B) False Feedback: Transportation charges incurred on the purchase of inventory items are part of the cost of the inventory and are not debited to an expense account until the items are sold. 4 CORRECT The most accurate inventory method is the weighted average method. A) True B) False Feedback: The most accurate inventory method is the specific identification method. 5 INCORRECT No matter which inventory cost flow assumption is used, LIFO, FIFO, specific identification, or weighted average, there is one amount that will be identical under all four methods and that is the cost of goods available for sale. A) True B) False Feedback: The computed amount of cost of goods available for sale will be the same under all four inventory methods. 6 CORRECT When sales occur under the FIFO method, the costs of the earliest units acquired are charged to the inventory account. A) True B) False Feedback: When sales occur under the FIFO method, the costs of the earliest units acquired are charged to cost of goods sold. Course-wide Content MH Enhanced Cartridge Sample Study Guide Working Paper Sample Generic Working Papers Student ALEKS Video Library Cogg Hill Practice Set Student Learning Tools NetTutor Appendices Text Updates Tech Support Chapter 6 Quizzes Interactive Quiz A Interactive Quiz B More Resources Glossary Flashcards PowerPoint Presentations Narrated Slides Excel Templates BusinessWeek Articles More Taking it to the . .. Problem Set C
Background image of page 1

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

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 08/01/2010 for the course ACC 101 taught by Professor Layvand during the Spring '09 term at Thomas Edison State.

Page1 / 5

6 Interactive Quiz B - Interactive Quiz B Home > Chapter 6...

This preview shows document pages 1 - 2. Sign up to view the full document.

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