FinMan10e_BTest_ch06

FinMan10e_BTest_ch06 - 10th Edition FINANCIAL & MANAGERIAL...

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10th Edition CORPORATE FINANCIAL ACCOUNTING Warren/Reeve/Duchac Chapter Test 6B 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% B
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TEST 6B (Concluded) INSTRUCTIONS: Complete each of the following statements by writing the appropriate words in the Answers column. For Scoring STATEMENTS Answers 0. The subsidiary ledger for the perpetual inventory system is called the . ... inventory ledger 0. ____ 1–5. Inventory at the end of the current fiscal year was overstated. State whether each of the following will be overstated, understated, or not affected: 1. Cost of merchandise sold reported on the income statement for the current year . ............................................................................................... 1. ____ 2. Gross profit reported on the income statement for the current year . ....... 2. ____
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3. Retained earnings reported on the balance sheet at the end of the current year . ............................................................................................... 3. ____ 4. Net income reported on the income statement for the current year . ........ 4. ____ 5. Current assets reported on the balance sheet at the end of the current year . ........................................................................................................... 5. ____ 6. When merchandise is assumed to be sold are the last units purchased, the inventory method is called . .................................................................. 6. ____
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This note was uploaded on 07/17/2011 for the course ACCT 102 taught by Professor Martinez during the Summer '11 term at Rio Hondo College.

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FinMan10e_BTest_ch06 - 10th Edition FINANCIAL & MANAGERIAL...

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