Write out the factors of economic production:

Write out the names of the financial statements:

According to the Matching Principle the cost of inventory becomes an expense

a$.$ When the inventory is purchased

b$.$ When the inventory is paid for

c$.$ When the inventory is sold

d$.$ When the inventory is converted to cash

e$.$ When the debit is recorded to Cash

In periods of rising prices, the inventory cost flow assumption which results in the inventory value on the balance sheet that is closest to current cost is the

f$.$ Specific Identification method

g$.$ Average cost method

h$.$ FIFO method

i$.$ LIFO method

In a manufacturing company inventory that is ready for sale is called

a$.$ Raw materials

b$.$ Work in process

c$.$ FIFO$/$LIFO

d$.$ Finished goods

The LIFO inventory method assumes that the costs of the last units purchased are

a$.$ The last to be allocated to costs of goods sold

b$.$ The first to be allocated to ending inventory

c$.$ The first to be allocated to costs of goods sold

d$.$ Not allocated to costs of goods sold

Sales Discounts and Sales Returns and Allowances are

a$.$ Contra asset accounts

b$.$ Contra equity accounts

c$.$ Contra Revenue accounts

d$.$ Not contra accounts at all

e$.$ Have a normal credit balance

f$.$ Only for chumps

The account Sales Discounts would be given an account number in the chart of accounts that begins with what digit

a$.1$

b$.2$

c$.3$

d$.4$

e$.5$ and out

f$.$ Any number you want. I mean who really gives a rats' patootie?

In periods of rising prices, the inventory cost flow assumption which will result in the lowest net income tax is the

a$.$ Specific Identification method

b$.$ Average cost method

c$.$ FIFO method

d$.$ LIFO method

If ending inventory is overstated by $$10,000$ net income will be

a$.$ Understated by $$5,000$

b$.$ Overstated by $$5,000$

c$.$ Understated by $$10,000$

d$.$ Overstated by $$10,000$

e$.$ Unchanged

f$.$ Changed in the same manner as $\frac{A}{P}$

A Periodic Inventory System

a$.$ Updates inventory records for each purchase

b$.$ Updates inventory records for each sale

c$.$ Must be used under either FIFO$/$LIFO

d$.$ Updates inventory records at the end of an accounting period

The Father of accounting is generally considered to be

a$.$ Luke Skywalker

b$.$ Antonio Lopez

c$.$ E$.$A$.$ Bower

d$.$ Luca Pacioli

e$.$ Marcus Lucas

f$.$ Leonardo Da Vinci

g$.$ Marcus Aurelius