Quiz on inventories
Authored by Jendie Francisco
Financial Education
University
Used 6+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
All of the criteria set in PAS 2 shall be met in order for an asset to be classified as inventory.
TRUE
FALSE
SOMEWHAT TRUE
SOMEWHAT FALSE
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
All storage costs may be capitalized as part of inventory cost.
TRUE
SOMEWHAT TRUE
FALSE
SOMEWHAT FALSE
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
List price is P1.2M with 25% trade disc, terms 2/15, n/60. How much is the payment if made within the disc period?
Php 1,200,000
Php 900,000
Php 1,176,000
Php 882,000
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Compute for the total manufacturing cost.
Php 3,480,000
Php 2,200,000
Php 1,900,000
Php 2,280,000
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Goods sold through FOB shipping point shall be excluded from the SELLER'S inventory.
TRUE
FALSE
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The inclusion or exclusion of inventory in transit shall depend on the party who actually paid for the freight.
FALSE
TRUE
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Inventory per physical count is P1,500,000. Compute for the adjusted inventory cost.
Php 1,800,000
Php 1,700,000
Php 1,500,000
Php 1,400,000
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