Chapter 9 Accounting
2 Questions
| Attempts: 142
Chapter 9 accouting
Questions and Answers
- 1.
21. Which of the following is true about lower-of-cost-or-market
- A.
It is inconsistent because losses are recognized but not gains.
- B.
It usually understates assets.
- C.
It can increase future income.
- D.
All of these.
Correct Answer
D. All of these. -
- 2.
The primary basis of accounting for inventories is cost. A departure from the cost basis of pricing the inventory is required where there is evidence that when the goods are sold in the ordinary course of business their
- A.
A. selling price will be less than their replacement cost.
- B.
B. replacement cost will be more than their net realizable value.
- C.
C. cost will be less than their replacement cost.
- D.
D. future utility will be less than their cost.
Correct Answer
D. D. future utility will be less than their cost. -
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Dec 31, 2012Quiz Edited by
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May 03, 2009Quiz Created by
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Management Financial And Cost Accounting MCQs With Answers
Management Financial And Cost Accounting MCQs With Answers
SAP S/4HANA for Financial Accounting Associates - Mini
SAP S/4HANA for Financial Accounting Associates - Mini
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