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ACC 304 WEEK 2 QUIZ 1

ACC 304 WEEK 2 QUIZ 1

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ACC 304 WEEK 2 QUIZ 1

ACC 304 Week 2 Quiz 1 – STR NEW

ACC 304 Week 2 Quiz 1

All Questions Included.

TRUE FALSE—Conceptual

1.     A manufacturing concern would report the cost of units only partially processed as inventory in the balance sheet.

2.     Both merchandising and manufacturing companies normally have multiple inventory accounts.

3.     When using a perpetual inventory system, freight charges on goods purchased are debited to Freight-In.

4.     If a supplier ships goods f.o.b. destination, title passes to the buyer when the supplier delivers the goods to the common carrier.

5.     If ending inventory is understated, then net income is understated.

6.     If both purchases and ending inventory are overstated by the  same amount, net income is not affected.

7.     Freight charges on goods purchased are considered a period cost and therefore are not part of the cost of the inventory.

8.     Purchase Discounts Lost is a financial expense and is reported in the “other expenses and losses” section of the income statement.

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