Accounting Quiz 6

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\f( C I 9 Secure hpswnewconnect.mheducation.comfflnwiconneci.htrm Q 311" e 5 Chapter 6 am: 0 Saved Hob 5am I. am Sum 2 Ming 5 paud ufslaadlly rlslng cuss. the Immory valuatlun "mhod Ihal we'd: IhE hlg has! rape nad net Income is: Mmlg Choice 9 Prlnt 0 Specic Idenllcmun method. Awmgeoostmm WEIghlad-auerage mum. FIFO mama, UFO method. 0000 ( C I 9 Secure hpswnewconnect.mheducation.comfflnwiconneci.htrm Q 311" e 5 Chapter 6 am: 0 Saved Hob 5am I. am Sum 3 The1nvamory valum'un method \"151 (and: m smomh out errac changes In costs Is: Mmlg Choice 9 Prlnt O FIFO. mlgmea average. UFO. Specic Idenll'cann WIFO. OOOO C I 9 Secure hpswnewconnect.mheducation.comfflnwiconneci.htrm Chapter 6 am: 0 Pnnt The1nvamory valum'un method IhaI has IhE adv: Images ufasslgn'mg an amoum m Invamury on (he bsla nca sheet lhai app rqumaIes II: current coil. and New m1m\\c the actual ow of goods for most hus1nesses ls: Mmla Choice 0 FIFO. mlghlau avalage. IJFCl Specic Idenllcmun mrafcastu market 0000 ( C I 9 Secure hpswnewconnect.mheducation.comfflnwiconneci.htrm Q 311" e 5 Chapter 6 am: 0 Saved Heb 5am I. am Sum 5 The 1merrlory valum'un method \"151 resurls In the lowest taxable Mourns In a peud uflrrfla'llun \\s: Mmlg Choice 9 Prlnt 0 UFO method. FIFO manna. Welghlad-auerage oust method. Specic Idenll'cann mama: 0000 Gross mam memod. ( C I 9 Secure hpswnewconnect.mheducation.comfflnwiconnect.htmt Q 311" e 5 Chapter 6 Out: 0 Saved Hob 5am I. am Sum 6 The cuns151ency cu "Capt Mmle Choice 9 Prlnt O Resumes a oompany use the same accounting method ofirwemony valuation. an exception being when a change From one method to another wnl \\momve Its nancial reporting Requlres a oompany we use one method afirwenm valuation emluswety. Requlreslhat atl companies In the sme Industry use the same accmnltng methods afimremory valuation ts also salted the hill disctmum prlrtclple, OOOO ts also alter: the mooning pdnctple. ( C I 9 Secure hpswnewcanneal.mheducation.comfflow.lconnecl.html Q 311" e 5 Chapter 6 am: 0 Saved Hob 5am I. am Sum 7 The full dlsclosure pl'lnclpla: Mulle Chine Pllnt O Resumes that me nmesto the nancial statements reporllhe mange From one inventory valuation method hammer. Reoulresmat companies use me same acoounung men-loo for Inventory valuauon perloa after period. ls notguojectto me conslderalion ol materiality. ls only applled to manners and manufacturers OOOO ls also called the consistency princlple. ( C I 9 Secure hpswnewconnect.mheducation.comlflow.lconnecl.html Q 311" e 5 Chapter 6 col: 0 Saved Hob 5am I. am sum 8 The 1mmory turnover r5110: Mulle Choice 9 Prlnt O lsusedloanalyne protability. ls used we measure solvency Reveals how many limes a mpany sells ms rlletchand'se Inventory duran a period. Reveals how many days a company can sell inventory Ifno new mama-1mm is pumhosed OOOO Calculation depends on the company's inventory valuaon method. ( C I 9 Secure hpswnewconnect.mheducation.comfflnwiconneci.htrm Q 311" e 5 Chapter 6 am: 0 Saved Hob 5am I. am Sum 11 Goods on mnslgnmem are goods shlpped by Ihalr owner. callad the Donslg nor, Lu another puny called the cuns'gnaa. The oonslgnac sell: goods for ma owner. \"Mar 9 Prlnt