An entry debiting inventory and crediting cost of

4. An entry debiting inventory and crediting cost of goods sold would be made when
a. Merchandise is sold under periodic inventory.
b. Merchandise is sold under perpetual inventory.
c. Merchandise is returned under perpetual inventory
d. Merchandise is returned under periodic inventory

5. In a periodic system, the beginning inventory is
1. Theoretically, cash discounts permitted should be 2. Which of the following generally would not be separately accounted for in the computation of cost of goods sold?
3. The use of purchase discount account implies that the recorded cost of a purchased inventory is
a. Invoice price
b. Invoice price plus any purchase discount lost
c. Invoice price less the purchase discount take
d. Invoice price less the purchase discount allowable whether taken or not
4. The use of a discount lost account implies that cost of a purchased inventory is

5. The valuation of inventory on a prime cost basis
Problem 22-17 Multiple choice (PAS 40)
1. Which statement beat describes investment property?