AFA4_Quiz6.docx - 1. Gross margin is the excess of net...

1. Gross margin is the excess of net sales revenue over cost of goods sold.
Select one:
True
False
2. It is necessary to do a physical count of inventory when using a perpetual inventory
system.
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3. A FIFO perpetual inventory system:
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4. A jeweller selling unique, high-priced items of jewellery would most likely use which
method of inventory costing?
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5. All balance sheets have inventory listed as an asset.
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True
False
6. The two main types of inventory systems are the perpetual system and the periodic