Merchandise inventory accounting systems can be broadly categorized into two types

  1. Question 1 Merchandise inventory accounting systems can be broadly categorized into two types. They are __________.
  2. FIFO and LIFO
  3. perpetual and periodic
  4. wholesale and retail
  5. manufacturer and producer

5 points Question 2

  1.  Changing from the LIFO (Last-In, First-Out) to the specific identification method of valuing inventory ignores the principle of __________.
  2. conservatism
  3. consistency
  4. disclosure
  5. materiality

5 points Question 3

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  1.  Which of the following statements is FALSE?
  2. In a perpetual inventory system, the “cash register” at the store is a computer terminal that records sales and updates inventory records.
  3. Even in a perpetual inventory system, a business must count inventory at least one a year.
  4. Restaurants and small retail stores often use the periodic inventory system.
  5. In a periodic inventory system, merchandise inventory and purchasing systems are integrated with the records for Accounts Receivable and Sales Revenue.

5 points Question 4

  1.  Which of the following is subtracted from net sales revenue to arrive at gross profit on a multi-step income statement?
  2. Cost of goods available for sale
  3. Cost of goods sold
  4. Sales discounts and sales returns and allowances
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