Chapter 09 - Quiz

Chapter 09 - Quiz - Chapter #9 Name Take-Home Quiz...

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Chapter #9 Take-Home Quiz Name Section/Time Chapter 09 - Take-Home Quiz.doc Instructions: The questions in this quiz are very similar to the types of questions you will see on the midterm and final exams. Circle the choice that best answers the question. Turn in your quiz at the beginning of class on the scheduled due date. I suggest you work on this take-home quiz individually to maximize the learning potential. However, you are permitted to work on the quizzes in groups. 1. The primary basis of accounting for inventories is cost. A departure from the cost basis of pricing the inventory is required where there is evidence that when the goods are sold in the ordinary course of business their a. selling price will be less than their replacement cost. b. replacement cost will be more than their net realizable value. c. cost will be less than their replacement cost. d. revenue-producing ability will be less than their original cost. 2. Designated market value a. is always the middle value of replacement cost, net realizable value, and net realizable value less a normal profit margin. b.
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This note was uploaded on 01/20/2011 for the course ACC 301 taught by Professor Staff during the Fall '08 term at Kentucky.

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Chapter 09 - Quiz - Chapter #9 Name Take-Home Quiz...

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