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  • Chapter 9 - Inventories

    Diunggah oleh

    sablu khan
    42 tayangan3 halaman
    According to IAS 2, inventories are assets Held for sale in the ordinary course of business. Which of the following items can only constitute a workinprogress inventory? Under a perpetual inventory system, a continuous recording of changes in inventory is maintained in the inventory account.

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    According to IAS 2, inventories are assets Held for sale in the ordinary course of business. Which of the following items can only constitute a workinprogress inventory? Under a perpetual inventory system, a continuous recording of changes in inventory is maintained in the inventory account.

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    42 tayangan3 halaman

    Chapter 9 - Inventories

    Diunggah oleh

    sablu khan
    According to IAS 2, inventories are assets Held for sale in the ordinary course of business. Which of the following items can only constitute a workinprogress inventory? Under a perpetual inventory system, a continuous recording of changes in inventory is maintained in the inventory account.

    Hak Cipta:

    © All Rights Reserved
    Unduh sebagai PDF, TXT atau baca online dari Scribd
    Tandai sebagai konten tidak pantas
    dari 3

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    Chapter9Inventories
    MultipleChoice
    Identifythechoicethatbestcompletesthestatementoranswersthequestion.

    1.AccordingtoIAS2,inventoriesareassets:
    a. Heldforsaleintheordinarycourseofbusiness.
    b. Intheprocessofproductionforsaleintheordinarycourseofbusiness.
    c. Intheformofmaterialsorsuppliestobeconsumedintheproductionprocessor
    intherenderingofservices.
    d. Alloftheabove
    ANSWER:D
    Easy
    POINTS: 0/1
    REF:
    page298

    2.Whichofthefollowingitemscanonlyconstituteaworkinprogressinventory?
    a. Finishedgoods
    b. Merchandise
    c. Services
    d. Rawmaterials
    ANSWER:C
    Easy
    POINTS: 0/1
    REF:
    page298

    3.Inpractice,whatarethetwomethodsforrecordinginventorymovements?
    a. Perpetualandperiodicinventorysystems.
    b. Dailyandannualinventorysystems.
    c. Commercialandmanufacturinginventorysystems.
    d. Continuousanddiscontinuousinventorysystems.
    ANSWER:A
    Easy
    POINTS: 0/1
    REF:
    page302

    4.Underaperpetualinventorysystem,acontinuousrecordingofchangesininventoryis
    maintainedintheinventoryaccount.Howarepurchasesrecorded?
    a. Asdecreasesoftheinventoryassetsinthebalancesheet.
    b. Asincreasesoftheinventoryassetsinthebalancesheet.
    c. Asdecreasesoftheprovisionfordepreciationofinventoriesinthebalance
    sheet.
    d. Asincreasesoftheprovisionfordepreciationofinventoriesinthebalancesheet.
    ANSWER:B
    Easy
    POINTS: 0/1
    REF:
    page302

    REF:
    page302

    5.Inanincomestatementorganizedbynature,howisthechangeininventoryonthe
    revenuesidecomputed?
    a. BeginninginventoryEndinginventory
    b. EndinginventoryBeginninginventory
    c. Beginninginventory+Endinginventory
    d. (Beginninginventory+Endinginventory)/2
    ANSWER:B
    Moderate
    POINTS: 0/1
    REF:
    page306

    6.Whichprocedureisappliedwhengoodswithdrawnarevaluedbatchbybatchinthe
    reverseorderfromtheonetheyfollowedwhenenteringinventory?
    a. FirstIn,FirstOut
    b. Weightedaveragecostmethod
    c. FirstOut,FirstIn
    d. LastIn,FirstOut
    ANSWER:D
    Moderate
    POINTS: 0/1
    REF:
    page308

    7.InordertouseLIFO,FIFOorweightedaveragecostsmethod,theproductsmustbe:
    a. Fungibletosomedegree
    b. Small
    c. Valuable
    d. Availableforsale
    ANSWER:A
    Moderate
    POINTS: 0/1
    REF:
    page307

    8.Giventhefollowingdata,whatistheamountoftheendinginventoryunderweighted
    averagecostmethod(WAC)?
    oNobeginninginventory
    o1stpurchase:10unitsarepurchasedandarerecordedforan
    acquisitioncostof10CUperunit
    o2ndpurchase:10unitsarepurchasedandarerecordedforan
    acquisitioncostof12CUperunit
    o15unitsaresoldattheendoftheperiodforaunitsellingpriceof18
    CUperunit
    a. 60
    b. 50
    c. 55
    d. 65
    ANSWER:C
    Moderate
    POINTS: 0/1
    REF:
    pages309,310


    9.Thechoiceofinventoryvaluationmethodshasanimpactoncashflowbeforetax.
    a. True
    b. False
    ANSWER:B
    Moderate
    POINTS: 0/1
    REF:
    page311

    10.Giventhefollowingdata,whatistheamountoftheprovisionforlossofvalueof
    inventorythatmustberecordedattheendoftheaccountingperiod?
    oPurchaseof1000itemsXataunitcostofacquisitionof20CU
    oWholesalemarketunitpriceoftheitemsXdroppedto15CU
    o100unitsofitemsXininventoryattheendoftheaccountingperiod
    a. 0
    b. 100
    c. 500
    d. 1000
    ANSWER:C
    Moderate
    POINTS: 0/1
    REF:
    page312

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