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

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