FinMan10e_ATest_ch06

FinMan10e_ATest_ch06 - 10th Edition FINANCIAL &...

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10th Edition CORPORATE FINANCIAL ACCOUNTING Warren/Reeve/Duchac Chapter Test 6A Score % Name Course Section NOTE: Each of the 20 correct answers is assigned a weight of 5%. FILL-IN-THE-BLANK—PRINCIPLES AND TERMINOLOGY—60% A
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TEST 6A (Concluded) INSTRUCTIONS: Complete each of the following statements by writing the appropriate words in the Answers column. For Scoring STATEMENTS Answers 0. In which section of the balance sheet is merchandise inventory reported?. ................................................................................................ current assets 0. ____ 1–3. Would a perpetual inventory system normally be practical for the following types of businesses without a computerized system? (answer yes or no) 1. Retail jewelry store . ................................................................................ 1. ____ 2. Wholesale clothing store . ....................................................................... 2. ____
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3. Retail candy store . .................................................................................. 3. ____ 4. If the cost of an item of inventory is $75, the current replacement cost is $64, and the selling price is $95, the amount included in inventory according to the lower of cost or market concept is . ............................. 4. ____ 5. Merchandise in transit should not be included in the seller’s inventory if the terms are FOB . .............................................................................. 5. ____ 6. The inventory method where the last units purchased are assumed to be sold and the ending inventory is made up of the first units
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FinMan10e_ATest_ch06 - 10th Edition FINANCIAL &...

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