Quiz 8.128 – Terms and Phrases
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Match each phrase with its corresponding terminology.
Match each phrase with its corresponding terminology.
Match each phrase with its corresponding terminology. Consignment, FOB, LIFO, FIFO, etc.
Periodic average cost and perpetual average cost always have the same ending inventory.
Include or exclude from inventory
True or false, costs are allocated between ending inventory and cost of goods sold in the inventory costing methods.
True or false, LIFO ending inventory will be less than FIFO ending inventory if falling prices.
The choice of cost flow assumption (FIFO, LIFO, or average) is NOT dependent on the physical flow of the product. True or false?
LIFO provides better expense match than FIFO. True or false?
Why are physical inventories counts needed even when perpetual inventory systems are in use?
What are the physical quantities of inventory to be included and excluded in a balance sheet?