accounting multiple choice question

7/31/2019 Accounting Multiple Choice Question

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Accounting Multiple Choice question : please

Select the most correct answer?

1. The factor which determines whether or not goods should be included in a physical count ofinventory isa. physical possession.b. legal title.c. management's judgement.d. whether or not the purchase price has been paid.

2. If goods in transit are shipped FOB shipping point by a carrier named by the buyera. the seller has legal title to the goods until they are delivered.b. the buyer has legal title to the goods when a public carrier accepts the goods from the seller.c. the transportation company has legal title to the goods while the goods are in transit.

d. no one has legal title to the goods until they are delivered.

3. If goods in transit are shipped FOB destinationa. the seller has legal title to the goods until they are delivered.b. the buyer has legal title to the goods when a public carrier accepts the goods from the seller.c. the transportation company has legal title to the goods while the goods are in transit.d. no one has legal title to the goods until they are delivered.

4. Per its January 31, 2009 physical inventory count, Yager Company has $49,000 in inventoryon hand at year end. In addition, at year end the company has $2,400 in merchandise in transitpurchased from a supplier shipped FOB destination. Included in its physical inventory is $1,800in goods held on consignment from a local manufacturer. How much inventory should bereported on the companys January 31, 2009 balance sheet?a. $49,000b. $51,400c. $49,600d. $47,200

5. Goods on Approvala. are considered sold when removed from the sellers premises regardless of whether or not

legal title has transferred to the buyer.b. should be included in the sellers physical inventory unless legal title has passed to the buyer.c. are also called consigned goods.d. are not considered to be sold until the buyer has paid a cash deposit to the seller.

6. Independent internal verification of the physical inventory process occurs whena. the employee is required to count all items twice for sake of verification.b. the items counted are compared to the inventory account balance.c. a second employee counts the inventory and compares the result to the count made by the firstemployee.


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d. all prenumbered inventory tags are accounted for.

7. An employee assigned to counting computer monitors in boxes shoulda. estimate the number if there are a large quantity to be counted.b. read each box and rely on the box description for the contents.

c. open each box and check that the box contains a monitor.d. rely on the warehouse records of the number of computer monitors.

8. After the physical inventory is completed,a. quantities are listed on inventory summary sheets.b. quantities are entered into various general ledger inventory accounts.c. the accuracy of the inventory summary sheets is checked by the person listing the quantities onthe sheets.d. unit costs are determined by dividing the quantities on the summary sheets by the totalinventory costs.

9. All of the following can be involved in taking a physical inventory count excepta. counting.b. measuring.c. storing.d. weighing.

10. Westcoe Company's goods in transit at December 31 include sales made(1) FOB destination (2) FOB shipping pointand purchases made(3) FOB destination (4) FOB shipping pointWhich items should be included in Westcoe's inventory at December 31?a. (2) and (3)b. (1) and (4)c. (1) and (3)d. (2) and (4)

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Sandy

Best Answer - Chosen by Asker

1. The factor which determines whether or not goods should be included in a physical count ofinventory is
http://answers.yahoo.com/question/report;_ylt=AnMSPVLfCzah77v1aSmORZGXxQt.;_ylv=3?qid=20081008114203AA0hOrm&kid=J7BqAmXWOFLQ7ag0CM4j&date=2008-10-08+11%3A42%3A03&.crumb=QOiUsRPlBRw&s=qhttp://answers.yahoo.com/question/report;_ylt=AnMSPVLfCzah77v1aSmORZGXxQt.;_ylv=3?qid=20081008114203AA0hOrm&kid=J7BqAmXWOFLQ7ag0CM4j&date=2008-10-08+11%3A42%3A03&.crumb=QOiUsRPlBRw&s=qhttp://answers.yahoo.com/my/profile;_ylt=AvX5R3Vr6.qh77bg.GtobmeXxQt.;_ylv=3?show=f9a39482114c5f9844fc5040ac337bd4aahttp://answers.yahoo.com/my/profile;_ylt=AvX5R3Vr6.qh77bg.GtobmeXxQt.;_ylv=3?show=f9a39482114c5f9844fc5040ac337bd4aahttp://answers.yahoo.com/my/profile;_ylt=AmGGl02KjbIQHX0.zX0Ov9.XxQt.;_ylv=3?show=f9a39482114c5f9844fc5040ac337bd4aahttp://answers.yahoo.com/my/profile;_ylt=AmGGl02KjbIQHX0.zX0Ov9.XxQt.;_ylv=3?show=f9a39482114c5f9844fc5040ac337bd4aahttp://answers.yahoo.com/my/profile;_ylt=AvX5R3Vr6.qh77bg.GtobmeXxQt.;_ylv=3?show=f9a39482114c5f9844fc5040ac337bd4aahttp://answers.yahoo.com/question/report;_ylt=AnMSPVLfCzah77v1aSmORZGXxQt.;_ylv=3?qid=20081008114203AA0hOrm&kid=J7BqAmXWOFLQ7ag0CM4j&date=2008-10-08+11%3A42%3A03&.crumb=QOiUsRPlBRw&s=q


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b. legal title.

2. If goods in transit are shipped FOB shipping point by a carrier named by the buyerb. the buyer has legal title to the goods when a public carrier accepts the goods from the seller.

3. If goods in transit are shipped FOB destinationa. the seller has legal title to the goods until they are delivered.

4. Per its January 31, 2009 physical inventory count, Yager Company has $49,000 in inventoryon hand at year end. In addition, at year end the company has $2,400 in merchandise in transitpurchased from a supplier shipped FOB destination. Included in its physical inventory is $1,800in goods held on consignment from a local manufacturer. How much inventory should bereported on the companys January 31, 2009 balance sheet?d. $47,200

5. Goods on Approval

a. are considered sold when removed from the sellers premises regardless of whether or notlegal title has transferred to the buyer.b. should be included in the sellers physical inventory unless legal title has passed to the buyer.c. are also called consigned goods.d. are not considered to be sold until the buyer has paid a cash deposit to the seller.

6. Independent internal verification of the physical inventory process occurs whenc. a second employee counts the inventory and compares the result to the count made by the firstemployee.

7. An employee assigned to counting computer monitors in boxes shouldc. open each box and check that the box contains a monitor.

8. After the physical inventory is completed,a. quantities are listed on inventory summary sheets.

9. All of the following can be involved in taking a physical inventory count exceptc. storing.

10. Westcoe Company's goods in transit at December 31 include sales made(1) FOB destination (2) FOB shipping pointand purchases made(3) FOB destination (4) FOB shipping pointWhich items should be included in Westcoe's inventory at December 31?b. (1) and (4)

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http://answers.yahoo.com/answer/report;_ylt=AiAXgYzKfp_t_DHJgdRDaCyXxQt.;_ylv=3?qid=20081008114203AA0hOrm&kid=Es1_WTu4WTJDnfbgTI98A9C7phcJTfZYxuPmpGn_3KfkHf4IDyo4&.crumb=.QOiUsRPlBRwhttp://answers.yahoo.com/answer/report;_ylt=AiAXgYzKfp_t_DHJgdRDaCyXxQt.;_ylv=3?qid=20081008114203AA0hOrm&kid=Es1_WTu4WTJDnfbgTI98A9C7phcJTfZYxuPmpGn_3KfkHf4IDyo4&.crumb=.QOiUsRPlBRwhttp://answers.yahoo.com/answer/report;_ylt=AiAXgYzKfp_t_DHJgdRDaCyXxQt.;_ylv=3?qid=20081008114203AA0hOrm&kid=Es1_WTu4WTJDnfbgTI98A9C7phcJTfZYxuPmpGn_3KfkHf4IDyo4&.crumb=.QOiUsRPlBRw


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Asker's Comment:

tnx 4 ur lovely answer

accounting multiple choice question

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