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http://www.snaptutorial.com/ACC-290/product-31325-ACC-
290-Week-4-Chapter-6-Orion-WileyPlus-Proficiency-and-
Practice-Quiz
Question 1 When the terms of a sale are FOB destination, legal title
to the goods passes to the buyer when the goods reach the buyer's
place of business.
Question 2 As a result of a thorough physical inventory, Railway
Company determined that it had inventory worth $180,000 at
December 31, 2014. This count did not take into consideration the
following transactions:
Question 3 Ownership passes to the buyer when the public carrier
accepts the goods if the goods are shipped
Question 4 Inventory costing methods place primary reliance on
assumptions about the flow of
Question 5 Which of the following statements is true?
Question 6 In a period of inflation, LIFO produces a higher net
income than FIFO.
Question 7 In a period of falling prices, which of the following
methods will give the largest net income?
Question 8 What is the underlying rationale for the lower-of-cost-
or-market rule?
Question 9 The following information came from the income
statement of the Wilkens Company at December 31, 2014: sales
revenue $1,800,000; beginning inventory $160,000; ending inventory
$240,000; and gross profit $600,000. What is Wilkens' inventory
turnover ratio for 2014?
lllustration 6-17