Accy 111: Accounting Exam! Quiz focuses on inventory management systems in accounting, comparing perpetual and periodic systems, and discussing methods like FIFO and LIFO. It assesses understanding of inventory cost implications and tax benefits, crucial for accounting professionals.
FIFO
LIFO
Weighted Average
None of these
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$666.
$616
$1,210
$762
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Usually matches the physical flow of goods through the business
Is usually used for internal mgmt purposes
Usually provides a better match of expenses with revenues
None of these is correct
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Simplifies record keeping
Saves income taxes currently
Provides better matching of physical flow and cost flow
Provides a permanent reduction of income taxes
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$590
$810
$540
$630
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Not recorded at the time of sale
Debited to cost of goods sold
Debited to accounts receivable
Credited to cost of goods sold
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19%
61%
54%
66%
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3.7
5.07
3.95
5.42
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Credit to Cost of Goods Sold
Debited to Accounts Receivable
Debited to Cost of Goods Sold
Not recorded at the time
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Indicates the effect on insome if LIFO were not used
Is shown in the firm's income statement
Is added to LIFO cost to indicate what the inventory would cost on a FIFO bases
Shows the current rate of inflation for tha asset
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$1,600
$399
$560
$800
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Whether inventory purchase costs are declining or rising
LIFO liquidations are not problematic for a company's income taxes
When inventory purchase costs are rising
When inventory purchase costs are declining
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$1,424.
$1,172
$1,122
$2,332
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$356,660
$350,000
$351,760
None of these
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$287
$469
$410.
$670
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$163,070
$167,500
$170,500
$163,130
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62.54%
31.27%
57.05%
33.9%
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None of these is correct
22%
31%
32%
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151 days
Less than 100 days
114 days
132 days
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