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problem1: The LIFO Conformity Rule states that if LIFO is used for:

[A] One company in an affiliated group, it must be used by all companies in an affiliated group

[B] Domestic companies, it must be used by foreign partners

[C] One class of inventory, it must be used for all classes of inventory

[D] Tax purposes, it must be used for financial reporting

problem2: For a typical manufacturing company, the most common critical point for recognizing revenue is the date:

[A] The product is delivered

[B] The payment is received

[C] An order is received

[D] Production is completed

problem3: The cost of goods available for sale is allocated between

[A] Ending inventory and cost of goods sold

[B] Beginning inventory and cost of goods sold

[C] Beginning inventory and ending inventory

[D] Beginning inventory and cost of goods on hand

problem4: A physical inventory count is taken when using which of the following inventory methods?

[A] Periodic

[B] Interim

[C] Perpetual

[D]Both perpetual and periodic methods

problem5: Ending inventory is equal to the cost of items on hand plus:

[A] Items in transit sold f.o.b. shipping point

[B] Purchases in transit f.o.b. destination

[C] Items in transit sold f.o.b. destination

[D] None of the above

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M916821

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