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Accounting 301 Quizes Essay

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Below is an essay on "Accounting 301 Quizes" from Anti Essays, your source for research papers, essays, and term paper examples.

1. | An inventory method that makes it possible to manipulate net income is the: A. | average cost method. |
B. | FIFO method. |
C. | LIFO method. |
D. | specific identification method. |

One argument against specific identification is that it makes it possible to manipulate net income. |

| 2. | The ending inventory and cost of goods sold will be the same whether a perpetual or periodic system is used under the: A. | weighted-average method. |
B. | moving-average method. |
C. | LIFO method. |
D. | FIFO method. |

Under the FIFO method, ending inventory and cost of goods sold is the same whether a perpetual or periodic system is used. |

| 3. | In a period of rising prices, the inventory method that produces the lowest ending inventory is the: A. | average cost method. |
B. | FIFO perpetual method. |
C. | LIFO periodic method. |
D. | LIFO perpetual method. |

In a period of rising prices, the LIFO method always produces the lowest ending inventory and LIFO periodic results in a lower inventory than LIFO perpetual. |

| 4. | Smiley Manufacturing Company has the following account balances at year end:
              Office supplies       $   3,000
              Raw materials           21,000
              Work-in-process       32,000
              Finished goods          46,000
              Prepaid insurance        5,000
What amount should Smiley report as inventories in its balance sheet? A. | $46,000. |
B. | $78,000. |
C. | $99,000. |
D. | $104,000. |
|

| 5. | A business whose inventory consists of similar items would be most likely to use which of the following cost flow assumptions? A. | Specific identification. |
B. | FIFO. |
C. | Average. |
D. | LIFO. |

The average method is used when an inventory consists of similar items. |

| 6. | Which cost flow assumption would be most appropriate when a relatively small number of costly, easily distinguishable items are sold? A. |...

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