Ch 6 Quizzes - CHAPTER 6 NAME # 10MINUTE QUIZ A SECTION...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
NAME                                                                                   #         10-MINUTE QUIZ A SECTION Indicate the best answer for each question in the space provided. 1 Which of the following businesses is most likely to use a periodic inventory system? a An aircraft manufacturer. b A supermarket that is part of a national chain. c An independently owned art gallery with a manual accounting system. d A beer bar. 2 A periodic inventory system eliminates the need for: a Taking an annual physical inventory. b Recording the revenue from sales transactions. c Recording the cost of merchandise sold as sales occur. d None of the above. 3 If management wants to know the cost and quantity of merchandise on hand at all times, the business will probably: a Use a periodic inventory system. b Maintain an inventory subsidiary ledger. c Take a complete physical inventory each day. d Debit all purchases of merchandise directly to the Cost of Goods Sold account. 4 In a perpetual inventory system, the entry to record the cost of goods sold always includes an entry of equal amount to the: a Inventory account. b Sales account. c Purchases account. d None of the above. 5 Prior to taking a physical inventory at year-end, the perpetual inventory records of Artistic Designs showed an inventory of $27,000, sales of $368,000, and a cost of goods sold of $225,000. The year-end physical inventory indicated merchandise on hand costing $25,000. The
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/11/2012 for the course FIN FIN 3230 taught by Professor Petrivanov during the Spring '12 term at Kazakhstan Institute of Management, Economics and Strategic Research.

Page1 / 6

Ch 6 Quizzes - CHAPTER 6 NAME # 10MINUTE QUIZ A SECTION...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online