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Practice quiz Ch 7

Practice quiz Ch 7 - ECAMP PRINCIPLES OF ACCOUNTING I...

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ECAMP PRINCIPLES OF ACCOUNTING I ACT-2291-XTIA 09/T5 (DANIEL) (ECAMP-ACT2291XTIA-09T5) > TOOLS > MY GRADES > VIEW ATTEMPTS > REVIEW ASSESSMENT: PRACTICE QUIZ FOR CHAPTR 7
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Review Assessment: PRACTICE QUIZ FOR CHAPTR 7 Janice Thomas 6/30/09 10:46 PM PRACTICE QUIZ FOR CHAPTR 7 Completed 45 out of 100 points 0 hours, 6 minutes, and 17 seconds out of 1 hours and 0 minutes allowe Questio n 1 0 out of 5 points Under the periodic inventory system, the merchandise inventory account continuously discloses the amount of inventory on hand. Selected Answer: Correct Answer: Questio n 2 0 out of 5 points Unsold consigned merchandise should be included in the consignee's inventory. Selected Answer: Correct Answer: Questio n 3 5 out of 5 points If a fire destroys the merchandise inventory, the gross profit method can be used to estimate the cost of merchandise destroyed. Selected Answer:
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Questio n 3 5 out of 5 points Correct Answer: Questio n 4 0 out of 5 points Generally, the lower the number of days' sales in inventory, the better. Selected Answer: Correct Answer: Questio n 5 5 out of 5 points
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