Ünite Sınavı Soruları

Inventories are assets;

I. Held for sale in the ordinary course of business;

II. Use in the process of production for such sale

III. In the form of materials or supplies to be consumed in the production process or in
the rendering of the services.

Which of the following statements are correct?

"The specific identification method uses the specific cost of each inventory unit..........."

Which of the following appropriately completes the statement above?

Which principle holds that a company should report enough information for financial statement users to understand methods and procedures used for each component of the financial statements to make wise decisions about the company by providing additional information?

Which inventory cost flow method is generally forbidden in hyper-inflationary economies?

"This is the estimated sales value minus estimated cost of completion
and minus estimated cost of sale." Which option is described above?

What is "Lower of Cost or Market Value Method (LCM)"?

.........................................holds that companies should use the same accounting methods and procedures in each accounting period so that the information provided will help investors and creditors to compare a company’s financial statements from one period to the next.

Which should come to the dotted place according to the continuation of the sentence?

Which of the following shows the calculation for Days' Sales Inventory?

Which of the followings means being careful in reporting items in the financial statements?

Which inventory-related accounting principle states that a company must perform strictly proper accounting only for significant items?

Which inventory-related accounting principle states  that a company should report enough information for financial statement users to understand methods and procedures used for each component of the financial statements to make wise decisions about the company by providing additional information?

I. Units purchased and cost amounts

II. Units sold and sales and cost amounts

III. The quantity of merchandise inventory on hand and its cost.

Perpetual Inventory System achieves better control over the inventory by recording which of the information above?

Which of the following statements is not true related to “conservatism concept”?

Which inventory cost flow method assumes that goods are similar in nature?

In accordance with the.................. principle holds that companies should use the same accounting methods and procedures in each accounting period, so that the information provided will help investors and creditors to compare a company’s financial statements from one period to the next.

Which of the following terms should fill the blank?

In which method, is  the cost of goods sold based on the oldest purchases?

In the .......................... method, the company knows exactly which item was sold and exactly what the item cost.

Which of the following items fills the blank correctly?

In which inventory cost flow method, ending inventory is based on the costs of the most recent purchases.

Which of the following shows the calculation for inventory turnover ratio?