Quiz 09.113 – Accounting Method Change: Changing from average cost to FIFO
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
What are the requirements when changing from the average cost method to FIFO?
What are the requirements when changing from the average cost method to FIFO?
If a company overstates its ending inventory in the current year, how does this impact the amount of reported cost of goods sold for the year?
What is the true statement regarding a company that overstates its ending inventory in Year 1 and reports inventory correctly in Year 2?
What are the effects of understating the ending inventory balance in one accounting period and correcting it in the following period?
How does IFRS value inventory and on what basis is this valuation made?
Match each phrase with its corresponding terminology, retrospective treatment, LIFO retail, etc…
Match each phrase with its corresponding terminology, requires retrospective treatment, normal spoilage, etc…
Match each phrase with its corresponding terminology, retail inventory method, markdown cancellation, etc…
Match each phrase with its corresponding terminology, conventional retail method, additional markup, etc…
Match each phrase with its corresponding terminology, employee discounts, net realizable value, etc…