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Adv. Accounting - Chapter 6 Review
Test Description: INVENTORY!
Instructions: Answer all questions to get your test result.
1) A completed form authorizing a seller to deliver goods with payment to be made later is called a(n)
A
purchase order
B
stock ledger
C
invoice
D
stock record
2) The costing method that uses the price of merchandise purchased last to calculate the cost of merchandise sold first is called
A
last-in, first-out
B
lower of cost or market
C
first-in, first-out
D
weighted average
3) A form used during a periodic inventory to record information about each item of merchandise on hand is called a(n)
A
merchandise-on-hand record
B
inventory record
C
stock record
D
stock ledger
4) The number of times the average amount of merchandise inventory is sold during a specific period of time is called the
A
inventory sales period ratio
B
average sales turnover ratio
C
average number of days' sales in merchandise inventory
D
merchandise inventory turnover ratio
5) Goods that are given to a business to sell but for which title remains with the vendor, are called a(n)
A
cosignee
B
consignment
C
sale
D
purchase
6) The costing method that uses the lower of cost or market price to calculate the cost of ending merchandise inventory is called
A
weighted average
B
first-in, first-out
C
last-in, first-out
D
lower of cost or market
7) A form used to show the type of merchandise, quantity received, quantity sold, and balance on ahnd is called a(n)
A
stock ledger
B
invoice
C
purchase order
D
stock record
8) The inventory method that uses the average cost of beginning inventory plus merchandise purchased during a fiscal period to calculate the cost of merchandise sold is called
A
last-in, first-out
B
lower of cost or market
C
first-in, first-out
D
weighted average
9) A person or business that gives goods on consignment is called the
A
owner
B
consignor
C
consignment buyer
D
consignee
10) The method of estimating inventory by using a percentage based on both cost and retail prices is called
A
retail
B
gross profit
C
periodic inventory
D
percentage
*select an answer for all questions
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