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F. Naz, Chartered Accountant
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Accounting Multiple Choice Questions: 1 A physical inventory

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Accounting Multiple Choice Questions:

1 A physical inventory is used to
a. compare physical inventory to book inventory.
b. help prevent employee thefts or misuses of inventory.
c. investigate major errors.
d. all are true.


2 Several controls are used to safeguard inventory and one of those is to
a. allow all employees access to the materials warehouse.
b. keep low priced inventory behind lock and key.
c. hire security guards.
d. install sensors at the cash registers.



3 The inventory is added to the inventory records after three documents are reconciled. One of those documents is:
a. sales receipt.
b. company check.
c. receiving report.
d. sales invoice.


4 Determine the gross profit assuming that only one item was sold for $14 using the average inventory cost flow method.

See attached Image:

a. $7
b. $14
c. $6
d. $8

5 Determine the ending inventory assuming that only one item was sold for $14 using the FIFO inventory cost flow method.

See attached image

a. $7
b. $15
c. $13
d. $14

6Determine the ending inventory assuming that only one item was sold for $14 using the LIFO inventory cost flow method.

See attached Image:

a. $10
b. $14
c. $16

7 Determine the cost of merchandise sold for the transaction on October 8 using the perpetual inventory system and the LIFO method.

See attached Image:

a. $210
b. $96
c. $72
d. $62



8 Determine the cost of merchandise sold for the transaction on October 25 using the perpetual inventory system and the FIFO method.

See attached Image:

a. $180
b. $137
c. $138
d. $105

9 Determine the cost of merchandise sold for the transaction on October 25 using the perpetual inventory system and the average cost method.
See attached Image:

a. $144.28
b. $78.72
c. $105.00
d. $65.56

10
Determine the gross profit using the FIFO inventory method:
See attached Image:

a. $152
b. $104
c. $252
d. $148

This Link will take you to all images needed for questions 4-10, Thanks!

http://www.mediafire.com/?j1ux4cn3j17cqx1,0uipyxb5m0y6eyq,t79g23e896qky2g,bb77grqqac9s6n9,y1dj9998yk4bn62,a49nee4dt7kfgzq,36d3k4cf8ty33oy
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