chpt6 - SO1-Ch. 6 Reporting and Analyzing Inventory...

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SO1--Ch. 6 Reporting and Analyzing Inventory Describe the steps in determining inventory. If the ownership of merchandise passes to the buyer when the seller delivers the merchandise for shipment, the terms are stated as FOB … Answer: Shipping Point
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SO1--Ch. 6 Reporting and Analyzing Inventory Describe the steps in determining inventory. Under the ____ inventory system, the merchandise on hand at the end of the period is determined by a physical count of the inventory. Answer: periodic
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SO1--Ch. 6 Reporting and Analyzing Inventory Describe the steps in determining inventory. Under the ___ inventory system, both the sales amount and the cost of goods sold amount are recorded when each item of merchandise is sold. Answer: perpetual
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SO1--Ch. 6 Reporting and Analyzing Inventory Describe the steps in determining inventory. The Freight-in account ___ the cost of merchandise purchased. Answer: increases
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SO1--Ch. 6 Reporting and Analyzing Inventory Describe the steps in determining inventory. The factor which determines whether or not goods should be included in a physical count of inventory is ____ ____. Answer: legal title
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SO1--Ch. 6 Reporting and Analyzing Inventory Describe the steps in determining inventory. If goods in transit are shipped FOB destination, the ___ has legal title to the goods until they are delivered. Answer: seller
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SO1--Ch. 6 Reporting and Analyzing Inventory Describe the steps in determining inventory. An employee assigned to counting computer monitors in boxes should determine that the box ________. Answer: contains a monitor
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SO1--Ch. 6 Reporting and Analyzing Inventory Describe the steps in determining inventory. Goods held on consignment are never owned by the _____. Answer: consignee
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SO1--Ch. 6 Reporting and Analyzing Inventory Describe the steps in determining inventory. A manufacturer’s inventory consists of what three types of inventory? Answer: raw materials, work in process, and finished goods
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SO2--Ch. 6 Reporting and Analyzing Inventory Explain the basis of accounting for inventories and apply the inventory cost flow methods under a periodic inventory system. In accounting for inventory, the assumed flow of costs does not have to match the _____. Answer: physical flow of goods.
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Explain the basis of accounting for inventories and apply the inventory cost flow methods under a periodic inventory system. Inventory methods such as FIFO and LIFO deal more with flow of ___ than with flow of ___. Answer: costs, goods
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This note was uploaded on 08/12/2011 for the course ACCT 505 taught by Professor Doe during the Spring '11 term at Keller Graduate School of Management.

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chpt6 - SO1-Ch. 6 Reporting and Analyzing Inventory...

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