Chat with us, powered by LiveChat Question | Writedemy

Question

25 May Question Posted at 10:02h in Essay Writing Services by

Question

<pclass=”msonormal” style=”box-sizing: border-box; margin-left: 54pt; text-align: justify; text-indent: -54pt;”>34. Inventories affect

  1. only the balance sheet.
  2. only the income statement.
  3. both the balance sheet and the income statement.
  4. neither the balance sheet nor the income statement.

Ans: C, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC: None, IMA: Reporting

  1. Inventory is
  2. reported under the classification of Property, Plant, and Equipment on the balance sheet.
  3. often reported as a miscellaneous expense on the income statement.
  4. reported as a current asset on the balance sheet.
  5. generally valued at the price for which the goods can be sold.

Ans: C, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC: None, IMA: Reporting

  1. Items waiting to be used in production are considered to be
  2. raw materials.
  3. work in progress.
  4. finished goods.
  5. merchandise inventory.

Ans: A, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC: None, IMA: Reporting

  1. In a manufacturing business, inventory that is ready for sale is called
  2. raw materials inventory.
  3. work in process inventory.
  4. finished goods inventory.
  5. store supplies inventory.

Ans: C, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC: None, IMA: Reporting

  1. The factor which determines whether or not goods should be included in a physical count of inventory is
  2. physical possession.
  3. legal title.
  4. management’s judgment.
  5. whether or not the purchase price has been paid.

Ans: B, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC: None, IMA: Reporting

  1. If goods in transit are shipped FOB destination
  2. the seller has legal title to the goods until they are delivered.
  3. the buyer has legal title to the goods until they are delivered.
  4. the transportation company has legal title to the goods while the goods are in transit.
  5. no one has legal title to the goods until they are delivered.

Ans: A, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC: None, IMA: Reporting

  1. An auto manufacturer would classify vehicles in various stages of production as
  2. finished goods.
  3. merchandise inventory.

</pclass=”msonormal”>

Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.

Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.

Do you need an answer to this or any other questions?

About Writedemy

We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.

How It Works

To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.

Are there Discounts?

All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.

Hire a tutor today CLICK HERE to make your first order

Print page