1 / 6

May 25 th

May 25 th. 1. Inventory would be listed as a. Long term Asset Current Asset Current Liability Owner’s Equity. 2. In periods of inflation which method of inventory valuation would give greater profits?. LIFO FIFO FISH PIFO.

kele
Télécharger la présentation

May 25 th

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. May 25th

  2. 1. Inventory would be listed as a • Long term Asset • Current Asset • Current Liability • Owner’s Equity

  3. 2. In periods of inflation which method of inventory valuation would give greater profits? • LIFO • FIFO • FISH • PIFO

  4. 3. Which of the following is NOT one of the rules in preparing the merchandize budget? • Always be prepared in advance of the selling season • The language of the budget must be east to understand • Plans should be made for a two to three year period • Flexible enough to permit changes

  5. 4. The Cost method of inventory accounting • is used by retailers with big-ticket items and a limited number of sales per day • makes it easier to do daily inventory • makes allocating of freight costs easier • all of these are true

  6. 5. Which TV series had its series Finale last Sunday night? • Lost

More Related