29 Jun QuestionQuestion Answer Multiple Choice Questions
QuestionQuestion
Answer
Multiple Choice Questions (Enter your answers on the enclosed answer sheet)
Answer
Multiple Choice Questions (Enter your answers on the enclosed answer sheet)
1) The term F.O.B. means:
2) A purchase order is used to:
3) The account used to record the purchase of goods is:
4) On March 30, Bailey’s Dog Bakery purchased $1,000 of merchandise on account from the Williams Company. The goods were shipped F.O.B. shipping point. The freight charge of $80 was paid by Williams Company and added to the invoice. The amount to record in the Accounts Payable account is:
5) The entry to record a payment on a $900 account within the 1% discount period would include a:
6) A purchase discount was recorded as a credit to the Purchases account – the remainder was correctly recorded. This error will cause:
7) The freight paid on equipment purchased F.O.B. shipping point was debited to the Freight-In account. This error will cause:
8) A purchase discount that was earned and taken was never recorded. This error will cause:
9) Returned merchandise paid for within the discount period for a cash refund. This will be recorded with:
10) Purchase returns and allowances:
11) Returned merchandise for credit. The perpetual inventory system is in use. This will:
12) Under the perpetual system, the purchase of merchandise is recorded by a(n):
Unit 4 Examination
Introduction to Accounting
13) The inventory method where the cost flows tend to follow the physical flows are:
14) The inventory method that matches old costs with current selling prices is:
15) The advantage of the LIFO method is:
16) The principle of consistency states that:
17) If the ending inventory is overstated,
18) The ending inventory for this year is understated. This error would cause:
19) A business is using LIFO when FIFO should have been used during an inflationary period. This error would cause:
20) Which of the following is an example of a land improvement?
21) Which depreciation method deducts residual value when computing depreciation expense?
22) Capital expenditures would include:
23) Greetings Online disposed of a van that cost $22,000 with accumulated depreciation of $15,000. The journal entry would be to:
24) All of the following are intangible assets except:
25) When calculating declining balance depreciation, the straight-line rate was used instead of double the straight-line rate. In the first year of ownership, this error would cause:
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