May 25th

1. Inventory would be listed as a

a. Long term Asset

b. Current Asset

c. Current Liability

d. Owner’s Equity

2. In periods of inflation which method of inventory valuation would give greater profits?a. LIFO

b. FIFO

c. FISH

d. PIFO

3. Which of the following is NOT one of the rules in preparing the merchandize budget?

a. Always be prepared in advance of the selling season

b. The language of the budget must be east to understand

c. Plans should be made for a two to three year period

d. Flexible enough to permit changes

4. The Cost method of inventory accounting a. is used by retailers with

big-ticket items and a limited number of sales per day

b. makes it easier to do daily inventory

c. makes allocating of freight costs easier

d. all of these are true

5. Which TV series had its series Finale last Sunday night?

a. Lost