1. Determining the cost of goods in a perpetual or periodic inventory system? (what goes into the cost of goods purchased) (what is included of the cost of reselling items on the shelf
2. Calculation of gross profit rate and ratio (steps)
3. What is FOB (given a situation on who owns the stuff when we are taking inventory)
4. Using FIFO inventory calculate the amount of the ending inventory (steps)
5. Using LIFO inventory calculate the amount of the ending inventory (steps)
6. Question about net realizable value and how it relates to inventory (whats the definition of net realizable value)
7. Reverse of internal controls
8. Describe a particular procedure and asks to identify a control principal (definition of control principal)
9. Question about bank reconciliation (how to handle in particular bank rec item exp outstanding deposit in transit, outstanding checks, nsff check)
10. Check was incorrectly was entered into the accounting records but the bank cashed it as the right amount hoe do we handle that?

Answer as many as you can please