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APA Quiz 6 uestion 1 (2 points) Inventory represents finished and unfinished goods which have not yet been sold by a company. Question 1 options: True False Save Question 2 (2 points) There are 2 principal systems used to determine inventory quantities on hand: periodic and perpetual system Question 2 options: True False Save Question 3 (2 points) The periodic system requires a physical count of goods on hand at the end of a period. Question 3 options: True False Save Question 4 (2 points) The perpetual system requires a physical count of goods on hand at the end of a period. Question 4 options: True False Save Question 5 (2 points) The perpetual system requires continuous recording of receipt and disbursement for every item of inventory. Question 5 options: True False Save Question 6 (2 points) The periodic inventory system requires continuous recording of receipt and disbursement for every item of inventory. Question 6 options: True False Save Question 7 (2 points) Most large manufacturing and merchandising companies use the perpetual system to ensure adequate supplies are on hand for production or sale, and to minimize costly machine shut-downs and customer complaints. Question 7 options: True False Save Question 8 (2 points) Only service companies use the perpetual system to ensure adequate supplies are on hand for production or sale, and to minimize costly machine shut-downs and customer complaints. Question 8 options: True False Save Question 9 (2 points) The cost of goods sold is the cost to the seller of the goods sold to customers. Question 9 options: True False Save Question 10 (2 points) The cost of goods sold is the liability to the seller of the goods sold to customers. Question 10 options: True False Save Question 11 (2 points) Cost of Goods Sold is an expense item. Question 11 options: True False Save Question 12 (2 points) Sometimes the Cost of Goods Sold is an expense item. Question 12 options: True False Save Question 13 (2 points) Cost of Goods Sold is an example of revenue. Question 13 options: True False Save Question 14 (2 points) Merchandise inventory (or inventory) is the quantity of goods available for sale at any given time Question 14 options: True False Save Question 15 (2 points) Merchandise inventory (or inventory) is the quantity of services available for sale at any given time. Question 15 options: True False Save Question 16 (2 points) FIFO method stands for "First in, First out" and it means that company will use the oldest inventory first to fill orders. Question 16 options: True False Save Question 17 (2 points) FIFO method stands for "First out, First in" and it means that company will use the inventory to fill orders from the same accounting period. Question 17 options: True False Save Question 18 (2 points) LIFO (Last in, First out) Method means that company will use the most recent inventory first to fill orders. Question 18 options: True False Save Question 19 (2 points) LIFO (Last Input, First Overflow) Method means that company will use the oldest inventory first to fill orders. Question 19 options: True False Save Question 20 (2 points) When calculating the Cost of Goods Sold for a sale, company must ignore the selling price. Question 20 options: True False Save Question 21 (2 points) When calculating the Cost of Goods Sold for a sale, company must ignore the selling and manufacturing expenses. Question 21 options: True False Save Question 22 (2 points) Under the FIFO method company uses the oldest inventory at the time of the sale first. Question 22 options: True False Save Question 23 (2 points) Under the LIFO method, the company uses most recent purchases at the time of the sale first. Question 23 options: True False Save Question 24 (2 points) Sales of inventory will not affect the average cost of inventory. Question 24 options: True False Save uestion 1 (2 points) A liability is defined as an obligation of an entity arising from past transactions or events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future. Question 1 options: True False Save Question 2 (2 points) A liability can be defined by a type of borrowing from persons or banks for improving a business or personal income that is payable in the current or long term. Question 2 options: True False Save Question 3 (2 points) According to the International Accounting Standards Board (IASB): "A liability is a present obligation of the enterprise arising from past events, the settlement of which is expected to result in an outflow from the enterprise of resources embodying economic benefits. " Question 3 options: True False Save Question 4 (2 points) The sales and use tax is a tax paid to a governing body by a seller for the sales of certain goods and services. Question 4 options: True False Save Question 5 (2 points) The sales and use tax is a tax paid to a governing body by a seller based on employees' wages. Question 5 options: True False Save Question 6 (2 points) The sales tax payable account is reported in the current liability section of the balance sheet until the tax is paid Question 6 options: True False Save Question 7 (2 points) The sales tax payable account is reported in the current liability section under Stockholders' Equity and Assets until the tax is paid Question 7 options: True False Save Question 8 (2 points) Income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). Question 8 options: True False Save Question 9 (2 points) Corporate tax refers to a direct tax levied on the net earnings made by companies or associations and often includes the capital gains of a company. Question 9 options: True False Save Question 10 (2 points) Net earnings are generally considered gross revenue minus expenses. Question 10 options: True False Save Question 11 (2 points) Net earnings are generally considered gross expenses minus liabilities. Question 11 options: True False Save Question 12 (2 points) Income tax payable can be accrued by debiting income tax expense and crediting income tax payable for the tax owed. Question 12 options: True False Save Question 13 (2 points) Wages and salaries in cash consist of wages or salaries payable at regular weekly, monthly, or other intervals. Question 13 options: True False Save Question 14 (2 points) According to the revenue recognition principle, the deferred amount is recorded as a liability until delivery is made, at which time it is converted into revenue. Question 14 options: True False Save Question 15 (2 points) The examples of contingent liability may include liabilities arising from lawsuits and discounted notes receivable. Question 15 options: True False Save Question 16 (2 points) Gross Pay reflects the amount of money you are promised either hourly, weekly or annually. Question 16 options: True False Save Question 17 (2 points) FICA is comprised of: a 6.2 percent Social Security tax and 1.45 percent Medicare tax. Question 17 options: True False Save Question 18 (2 points) FICA Medicare Tax is a voluntary deduction. Question 18 options: True False Save Question 19 (2 points) Net Pay reflects the amount that employee will receive after all taxes and voluntary deductions have been taken out. Question 19 options: True False Save Question 20 (2 points) Payrolls often are the largest expense that a company incurs. Question 20 options: True False Save Question 21 (2 points) Payrolls often are the smallest expense that a company incurs. Question 21 options: True False Save Question 22 (2 points) Employers normally record payroll taxes at the same time as the payroll to which they relate Question 22 options: True False Save Question 23 (2 points) Both federal and state governments require maintaining detailed payroll records. Question 23 options: True False Save