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ch8 accounting practice quiz

ch8 accounting practice quiz - 1(Points:1 a.periodicsystem...

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1.  (Points: 1)      Which inventory system keeps track of the amount of inventory and cost of goods sold continuously? a. periodic system b. net price method system c. purchases system d. perpetual system   Save Answer     2.  (Points: 1)      When the cost of inventory is recorded assuming the discount available will be taken, the company uses the:   Save Answer     3.  (Points: 1)      Which of the following entries reflects the use of a periodic inventory system? 
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  Save Answer     4.  (Points: 1)      A company, using the net price method, purchased inventory for $3,000 with terms 2/10 net 30. The company  did not pay the bill in time to take advantage of the discount. The cost recorded in the inventory account after  this event would be?
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  Save Answer    
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