11. The report that shows only sales on account is called the: Cash receipts journal Cash payments journal Sales journal General journal

Question 12. 12. The inventory pricing method that assumes the the last goods received are sold first is the:

First-in, first-out Last-in, first-out Average cost Retail method

Question 13. 13. A method of allocating merchandise cost that is based on the average cost of identical units is called the:

Last-in, first-out First-in, first-out Specific identification Weighted-average

Question 14. 14. If merchandise is returned to a vendor, the vendor will issue a:

Credit memo New vendor bill Debit memo New purchase order

Question 15. 15. Every entry in the cash payments journal includes:

Date of cash payment Number of the check issued Name of the supplier or other accounts debited All of the above

Question 16. 16. The General Ledger Trial Balance includes all the following except:

Account Debit and Credit Balance Date of Transaction Account Description

Question 17. 17. When merchandise is sold on account, the journal entry would include:

Debiting Accounts Receivable and Cost of Sales and crediting Sales and Merchandise Inventory Debiting Accounts Receivable and Sales and crediting Merchandise Inventory and Cost of Sales Debiting Cost of Merchandise Sold and Sales and crediting Merchandise Inventory and Accounts Receivable Debiting Cost of Merchandise Sold and Merchandise Inventory and crediting Sales

Question 18. 18. Under which inventory pricing method is the inventory most closely approximated the replacement cost?

Average cost Last-in, first-out First-in, first-out Weighted average

Question 19. 19. The inventory pricing method that assumes prices in the beginning inventory is sold first is the:

FIFO LIFO Average Specific identification

Question 20. 20. The report used to analyze gross profit by item is called the:

Inventory Valuation Report Inventory Profitability Report Physical Inventory Report Inventory Stock Status Report