Quiz – Accounting for Change
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Which of following would not require company to account for a change retrospectively for change in inventory method?
Which of following would not require company to account for a change retrospectively for change in inventory method?
In the conventional retail method, cost-to-retail percentage denominator includes:
When costs are rising, inventory quantities stable, cost of goods sold will:
What is included in the numerator of the cost-to-retail percentage under the retail method?
This inventory method that will produce same amount for cost of goods sold in a periodic system as in a perpetual:
When costs are falling, inventory quantities stable, the lowest taxable income is reported by using which inventory method:
In applying LCM, market value can’t be:
In applying LCM, market value can’t be:
In Year 1, a company overstated its ending inventory by $60,000. However, the error was not discovered until Year 3. In Year 2, the company made no errors. Once the company found the error in Year 3, management restated the balance sheets for Year 1 and Year 2 by lowering the reported ending inventory in both Year 1 and Year 2 by $60,000. Which of these statements is for Year 2?
In perpetual inventory system, which of following is recorded at time of the sale?