Adv. Accounting Ch. 6 Review: Question Preview (ID: 11708)


Below is a preview of the questions contained within the game titled ADV. ACCOUNTING CH. 6 REVIEW: INVENTORY! To play games using this data set, follow the directions below. Good luck and have fun. Enjoy! [print these questions]


Play games to reveal the correct answers. Click here to play a game and get the answers.

Most businesses have a merchandise inventory turnover ratio close to 12, since they offer terms on n/30 to their customers
a) True b) False c) d)
The cost of items in inventory involves both the price paid to vendors for the merchandise and the costs involved in getting the goods to the place of business and ready for sale
a) True b) False c) d)
To use the retail method of estamating inventory, the cost of purchase, sales and beginning merchandise inventory must be known. The retail price of items sold must also be known.
a) True b) False c) d)
The cost of merchandise avaliable for sale consists of beginning merchandise inventory and net purchases
a) True b) False c) d)
Each year, the business uses the inventiry costing method that results in the most favorable net income
a) True b) False c) d)
To prepare monthly interim financial statements, a business should take the inventory monthly
a) True b) False c) d)
If ending inventory is overstated, net income will be overstated
a) True b) False c) d)
The consignor is the owner of the goods on consignment and is responsible for selling the goods
a) True b) False c) d)
If ending inventory is overstated, the cost of merchandise sold will be understated
a) True b) False c) d)
A low merchandise inventory turnover ratio usually indicates a high return on investment
a) True b) False c) d)
Play Games with the Questions above at ReviewGameZone.com
To play games using the questions from the data set above, visit ReviewGameZone.com and enter game ID number: 11708 in the upper right hand corner at ReviewGameZone.com or simply click on the link above this text.

TEACHERS / EDUCATORS
Log In
| Sign Up / Register