Question

Bank reconciliations are NOT:

sufficient to uncover all fraud.

to be completed by all companies.

useful.

an important cash control.

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Question 21 pts

The inventory of a grocery store retailer, such as Safeway, would consist primarily of _______________ .

finished goods inventory.

The company would likely hold significant amounts of each of the other three types of inventory.

work in process inventory.

raw materials inventory.

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Question 41 pts

Question 51 pts

What is the correct equation to calculate the cost of good sold in a periodic inventory system?

Beginning inventory - Purchases + Ending inventory

Beginning inventory + Purchases + Ending inventory

Beginning inventory + Purchases - Ending inventory

Beginning inventory - Purchases - Ending inventory

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Question 101 pts

In which of the following situations would the car be classified as inventory?

A car owned by a company, and used by a sales person to make deliveries.

All of the other answers are correct.

A second-hand car purchased by a used car dealer, which is sitting on the lot available for sale.

A car owned by a company, and used by the company President.

Answer 1

Q11.
Answer is Sufficient to cover all frauds
Q21.
Answer is It only effect the financial position statement.
Q31.
Answer is Finished goods inventory.
Q41.
Answer is A perpetyal system
Q51.
Aswer is Beginning Inventory+Purchases-Ending inventory
Q61.
Answer is The oldest units are included in cost of goods sold.
Q71.
Answer is Lower of cost and net realisable value.
Q81.
Answer is Bad debts expense = Credit sales *Historic %
Q91.
Answer is factoring.
Q101.
Answer is A second hand car puchased by a used car dealer, which is sitting n lot available for sale.