超星 - Assignment 6

单选题

WhichstatementisTRUE?

A. Mostcompaniesusetheperpetualinventorysystem.
B. Mostcompaniesusetheperiodicinventorysystem.
C. Mostcompaniesusethespecificidentificationmethod.
D. MostcompaniesintheUnitedStatesfollowInternationalFinancialReportingStandards.

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单选题

Acompanypurchasedinventoryfor$800perunit.Thecompanylatersoldoneunitoftheinventoryforcashof$1,500.Undertheperpetualinventorysystem,whichaccountswillbedebitedtorecordthesale?

A. Cash,$1,500;Inventory,$800
B. Cash,$1,500;CostofGoodsSold,$800
Cash,$1,500;CostofGoodsSold,$700
D. Cash,$1,500;Inventory,$700

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单选题

The financial statements of a merchandising company will show:

A. the same accounts as the financial statements of a service company.
B. gross profit after operating income on the income statement.
C. inventory as a current asset on the balance sheet.
D. cost of goods sold as an operating expense on the income statement.

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单选题

The cost of inventory that is still on hand is called:

A. cost of goods sold, an expense that appears on the balance sheet.
B. inventory, a long-term asset that appears on the balance sheet.
C. inventory, a current asset that appears on the balance sheet.
D. purchases, an asset that appears on the balance sheet.

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单选题

Sales revenue is based on the of the inventory, while cost of goods sold is based on the of the inventory.

A. cost, selling price
B. cost, cost
C. selling price, retail price
D. selling price, cost

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单选题

The inventory system that uses computer software to keep a running record of inventory on hand is the:

A. cost of goods sold inventory system.
B. periodic inventory system.
C. perpetual inventory system.
D. hybrid inventory system.

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单选题

Which of the following is NOT used to determine the cost of net purchases?

A. Freight-out
B. Freight-in
C. Purchase returns
D. Purchase discounts

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单选题

Using a perpetual inventory system, what journal entry(ies) is(are) prepared when two units of merchandise are sold on account?

A. debit Accounts Receivable and credit Sales Revenue only
B. debit Cash and credit Sales Revenue only
C. debit Accounts Receivable and credit Sales Revenue; debit Cost of Goods Sold and credit Inventory
D. debit Accounts Receivable and credit Sales Revenue; debit Inventory and credit Cost of Goods Sold

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单选题

All of the following costs would be included in the cost of inventory EXCEPT for:

A. insurance while in transit from seller.
B. costs to get inventory ready for sale.
C. taxes paid on the purchase price.
D. sales commission given to salesperson when the inventory is sold.

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单选题

Under the ________ method, ending inventory is based on the costs of the most recent purchases.

A. average-cost
B. FIFO
C. LIFO
D. specific-identification

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WhichstatementisTRUE?

Acompanypurchasedinventoryfor$800perunit.Thecompanylatersoldoneunitoftheinventoryforcashof$1,500.Undertheperpetualinventorysystem,whichaccountswillbedebitedtorecordthesale?

The financial statements of a merchandising company will show:

The cost of inventory that is still on hand is called:

Sales revenue is based on the ________ of the inventory, while cost of goods sold is based on the ________ of the inventory.

The inventory system that uses computer software to keep a running record of inventory on hand is the:

Which of the following is NOT used to determine the cost of net purchases?

Using a perpetual inventory system, what journal entry(ies) is(are) prepared when two units of merchandise are sold on account?

All of the following costs would be included in the cost of inventory EXCEPT for:

Under the ________ method, ending inventory is based on the costs of the most recent purchases.

Sales revenue is based on the of the inventory, while cost of goods sold is based on the of the inventory.