(ACC100 -Accountng) Wk 6 Chptr 5 Qz

(ACC100 -Accountng) Wk 6 Chptr 5 Qz - SHANNA HAWXHURST:...

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Grade for SHANNA HAWXHURST: Week 6 Quiz Numeric grade: 5.88/6.25 Letter grade: A Comments: (none) Close Window Autograde Summary These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below. Date Taken: 8/10/2008 12:10:08 PM Time Spent: 1:06:35 (12:00 allowed) Points Received: 16 / 17 (94.1%) Question Type: # Questions: # Correct: Multiple choice 17 16 Grade Details 1. Question: Inventory held by a business is a(n) _______ and when sold becomes a(n) _______ Your Answer: liability, withdrawal asset, expense CORRECT liability, asset asset, contra asset Points Received: 1 of 1 Comments: 2. Question: Inventory turnover indicates how_______. Your Answer: quickly inventory is received from the supplier after the order is placed many days it takes the inventory to travel between the seller’s warehouse and the buyer’s warehouse rapidly inventory is sold CORRECT many days it takes from the time an order is received to the day it is shipped Points Received: 1 of 1 Comments: 3. Question: Under a perpetual inventory system, the adjusting entry to account for inventory shrinkage would include a_______. Your Answer: credit to miscellaneous expense credit to cost of goods sold credit to inventory CORRECT debit to miscellaneous expense Points Received: 1 of 1 Comments: 4. Question: Which of the following accounts should be closed to income summary?
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(ACC100 -Accountng) Wk 6 Chptr 5 Qz - SHANNA HAWXHURST:...

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