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Penn Foster 061690RR – ACCOUNTING FOR MERCHANDISING (Version 3)

$35

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Product Description

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You have several options to access your download links:
a.  Emailed Order/Download links which will be sent within minutes of checkout 
b. Emailed invoice with your download link
c.  Through from the website under “My Account” > View Order.
 
If you do not get your download link in any of the 3 options, please send us a message first.  Have the courtesy of giving us time to settle the issue before you raise a dispute with Paypal.  Before raising a dispute, please remember the terms and condition of the website.

Penn Foster 061690RR – ACCOUNTING FOR MERCHANDISING

1. Which of the following would probably not need to be disclosed in a footnote?
A. Change of inventory methods
B. A 10% increase in sales
C. A material change in estimated shrinkage
D. A change in depreciation method

2. In a balance sheet prepared in report form, liabilities must be listed after
A. assets with current liabilities listed first.
B. stockholders’ equity.
C. assets in alphabetical order.
D. assets with long-term liabilities listed first

3. Goods such as milk, bread, and cheese would probably be costed using the _______ method of inventory costing.
A. average
B. LIFO
C. FIFO
D. specific-identification

4. Casey Company’s beginning inventory and purchases during the fiscal year ended December 31, 2012, were as follows: (Note: The company uses a perpetual system of inventory.)
Units Unit Price Total Cost
January 1—Beginning Inventory 20 $12 $240
March 8—Sold 14
April 2—Purchase 30 $13 $390
June 5—Sold 25
Aug 6—Purchase 25 $14 $350
Sept 11—Sold 22
Total Cost of Inventory $980

Ending inventory is 14 units.

What is the cost of goods sold for Casey Company for 2012 using LIFO?
A. $308
B. $264
C. $801
D. $784

5. Under Sarbanes-Oxley, those officers signing off on the reports must have evaluated the company’s internal control within the previous
A. 90 days.
B. year.
C. six months.
D. nine months.

6. When a merchandiser sells on account, which of the following is not needed to record the transaction?
A. Inventory
B. Accounts receivable
C. Cash
D. Cost of goods sold

7. Committing a fraud because the employee feels “I deserve a pay raise. The company owes this to me” is indicative of which part of the fraud triangle?
A. Perceived pressure
B. Realization
C. Perceived opportunity
D. Rationalization

8. A company has $8,200 in net sales, $1,100 in gross profit, $2,500 in ending inventory, and $2,000 in beginning inventory. The company’s cost of goods sold is
A. $7,100.
B. $5,600.
C. $5,700.
D. $6,200

9. Committing a fraud because the employee feels “I deserve a pay raise. The company owes this to me” is Indicative of which part of the fraud triangle?
A. Perceived pressure
B. Realization
C. Perceived opportunity
D. Rationalization

10. If current assets decrease and current liabilities increase, the current ratio
A. remains the same.
B. will change based on the change in total assets.
C. decreases.
D. increases.

11. Meranda Company reports the following inventory information:
Inventory No Inventory Qty Unit Cost Unit Market Value
APD 3838 325 $56.78 $55.32
CPZ 1212 506 $92.31 $92.78
IXL 4039 817 $77.89 $79.31
EOD 3902 382 $19.38 $19.02
DKS 4823 626 $33.46 $30.74

What is the total value of the merchandise under LCM (lower-of-cost or market)?
A. $154,832.90
B. $158,545.60
C. $157,147.60
D. $156,230.80

12. Casey Company’s beginning inventory and purchases during the fiscal year ended December 31, 2012, were as follows: (Note: The company uses a perpetual system of inventory.)
Units Unit Price Total Cost
January 1—Beginning Inventory 20 $12 $240
March 8—Sold 14
April 2—Purchase 30 $13 $390
June 5—Sold 25
Aug 6—Purchase 25 $14 $350
Total Cost of Inventory $980
Ending inventory is 14 units.

What is the ending inventory of Casey Company for 2012 using FIFO?
A. $196
B. $175
C. $168
D. $182

13. Which of the following is an incorrect statement if ending inventory is understated?
A. Gross profit is overstated.
B. Cost of goods sold is overstated.
C. Income tax is understated.
D. Net income is understated

14. Under a perpetual inventory system, the account to which transportation charges on incoming merchandise is generally entered is
A. inventory.
B. FOB shipping.
C. delivery expense.
D. FOB destination

15. To pay the least income tax possible in periods of rising inventory costs, the company should use which inventory costing method?
A. FIFO
B. Average cost
C. Specific identification
D. LIFO

16. Isaiah Sporting Goods uses the perpetual average cost method of determining inventory costs. Below is the inventory record for Product C124:
Date Received Sold Cost/Unit Balance
April 22 534 $6.58 $3,513.72
May 17 433 $6.70 $2,901.10
June 21 389 $6.76 $2,629.64
August 2 436 $6.44 $2,807.84
What is the average cost per unit after the receipt of the June 21 inventory?
A. $6.72
B. $6.61
C. $6.67
D. $6.62

17. Which of the following may not limit the effectiveness of internal control systems in an organization?
A. Duties not segregated
B. Understanding of policies and procedures
C. Costs not worth benefits
D. Poorly designed controls

18. To overstate earnings, a company can
A. understate expenses and understate revenue.
B. understate unearned revenue and understate property, plant, and equipment.
C. overstate expenses and overstate revenue.
D. overstate receivables and understate payables

19. When a company repays the seller for shipping costs on an FOB shipping transaction, which of the following is true?
A. The shipping costs don’t affect the invoice cost.
B. A purchase discount can still be taken on the gross amount of the invoice.
C. A purchase discount can still be taken net of the prepaid shipping charges.
D. A purchase discount cannot be taken when shipping charges are prepaid.

20. Committing a fraud because the employee feels that it will be easy to do is indicative of which part of the fraud triangle?
A. Realization
B. Perceived pressure
C. Rationalization
D. Perceived opportunity

 

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