Q5- The inventory cost flow method in which cost of goods sold is computed as if the earliest items purchased are the first items sold is: a) First-In, First-out (FIFO) b) Last -in, First-out (LIFO) c) Weighted Average d) Specific Identification.

Q6 Which of the following is a generally recognized internal control procedure? a) Procedures manual b) Seprating duties c) Using pre-numbered documents d) All of the above.

Q7

Which of the following is correct reading purchase returns and purches allowance? a) a purches returen decreases the balance of the merchandise inventory account. b) a purches allwance decreases the balance merchandise inventory account. c) Both are correct. d) Bothe are not correct.

Q8

The inventory cost flow method the cost allocated between inventory and cost of goods sold based on the weighted average cost per unit is: a) Last-in, First-out (LIFO) b) First-in, First-out (FIFO) c) Specific Identification d) Weighted Average.