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1. Beginning inventory is 200 units @ $10/unit. During the year, the following purchases are made (in chronological order): 800 units @ $12/unit; 700 units @ $13/unit; and 100 units @ $15/unit. Ending inventory is 300 units. Compute the cost of ending inventory under the FIFO method.

a. $3,000.
b. $3,200.
c. $4,100.
d. $4,500.

2. The division of assets and liabilities into current and non-current categories is useful primarily for assessment of

a.Profitability.
b.Cash flow.
c.Efficiency.
d.Liquidity.

3.The ability of a firm to convert revenue into profit is best measured by:

a. Total revenue.
b. Return on equity.
c. Return on sales.
d. Gross margin percentage.

4. The quick ratio is an especially sensitive measure for assessing a firm's __________

a. Profitability.
b. Liquidity.
c. Market value.
d. Long-term risk.

5. The process of charging the cost of intangible assets such as patents or goodwill to expense over their useful lives is called:

a. Cost flow.
b. Depreciation.
c. Depletion.
d. Amortization.

6. Cost of goods sold appears in the numerator of which ratio?

a. Gross margin.
b. Inventory turnover.
c. Asset turnover.
d. Current ratio.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M920693

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