Accounting Quiz

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1.
Under the LIFO method, the flow of goods through the accounting records will:


2.
Under the average cost method, the flow of goods through the accounting records will:


3.
Under the FIFO method, the flow of goods through the accounting records will:


4.
___________ produces the lowest cost of goods sold and the highest gross profit when prices are increasing.


5.
__________ produces the highest cost of goods sold and the lowest gross profit when prices are increasing.


6.
A drawback to using ________________ when inventory costs are rising is that the company reports lower net income.


7.
An error in the reported inventory will cause errors in all of the following EXCEPT the:


8.
The inventory system that uses the merchandise inventory account as an active account is called the:


9.
Goods such as milk, bread, and cheese would probably be costed using the:


10.
Cost of goods sold is shown on the:

 

 
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