Question
I have a list of multiple choice questions for an accounting class. Please help. 1. In a bank reconciliation, deposits outstanding are: a. Subtracted from
I have a list of multiple choice questions for an accounting class. Please help.
1. In a bank reconciliation, deposits outstanding are:
a. Subtracted from the bank balance
b. Added to the book balance
c. Added to the bank balance
d. Subtracted from the book balance
2. Inventory is valued at:
a. Replacement cost
b. Net realizable value
c. Cost
d. The lower of cost and net realizable value
3. In a period of declining costs, the use of which of the following inventory cost methods would result in the highest ending inventory?
a. FIFO
b. LIFO
c. Average Cost
d. Weighted-average cost
4. Cash equivalents do not include:
a. Money market funds
b. High grade marketable equity securities
c. U.S. Treasury Bills
d. Commercial paper
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