Quiz 8.38 – Switched from Periodic to Perpetual
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
This shows the shift from a periodic system to a perpetual system to record inventory transactions of a company.
This shows the shift from a periodic system to a perpetual system to record inventory transactions of a company.
True or false, during transit inventory shipped f.o.b. destination is included in the seller’s inventory.
Which concept is not considering implementing the policy where goods purchased are included in inventory records and goods sold are not included?
This is an accurate statement about a company not including in its ending inventory goods shipped to consignees that are sold on consignment.
WARNING: This Mogul version has additional info on commission rate, shipped inventory, shipping cost, merch sold, shipping cost allocated, and advertising cost. There is another Mogul version with less information.
Your numbers will vary.
An estimation of merchandise to be returned by customers is:
Purchases equal the invoice amount plus or minus…:
This is true about the management’s policy.
True or false, the consignee’s inventory covers the cost of goods on consignment until they are sold.
Purchase Discounts Lost in the gross method are ______: