Act105 week 44 - Study guides, Class notes & Summaries
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Act105 week 4.4 |100% COMPLETE QUESTIONS AND ANSWERS,
- Exam (elaborations) • 4 pages • 2024
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Question 1 of 10 10.0/ 10.0 Points 
Inventory costs include only the seller’s invoice price less any purchase discounts. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 10.0/ 10.0 Points 
The following principle requires a company to show in its financial statements by means of a 
footnote or other manner, the inventory costing method used: 
A.conservation 
principle. 
B.full-disclosure 
principle. 
C.consistency 
principle. 
D.business entity 
principle. 
E.stable monet
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ACCT 105 Act105 week 4.4
- Exam (elaborations) • 4 pages • 2024
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Question 1 of 10 10.0/ 10.0 Points 
If the utility or value of inventory items is less than the cost of those items, departures from 
cost are justified. 
A. True 
B. 
False 
Answer Key: 
True 
Question 2 of 10 0.0/ 10.0 Points 
If the beginning inventory exceeds the ending inventory, the net income is overstated. 
A. True 
B. 
False 
Answer Key: 
False 
Question 3 of 10 10.0/ 10.0 Points 
For 2007, Johnson Company had the following: beginning inventory - $780,000; ending 
inventory - $830,000; ...
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Act105 week 4.4 |100% COMPLETE QUESTIONS AND ANSWERS GRADED A+-2023
- Exam (elaborations) • 4 pages • 2024
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Part 1 of 1 - 60.0/ 100.0 Points 
Question 1 of 10 10.0/ 10.0 Points 
If the ending inventory is understated by $150, the cost of goods sold will be: 
A.overstated by 
$300. 
B.overstated by 
$250. 
C.overstated by 
$150. 
D.understated by 
$250. 
E.understated by 
$150. 
Answer Key: 
C 
Question 2 of 10 0.0/ 10.0 Points 
The system that continuously provides the cost of the inventory on hand is called: 
A.average 
cost. 
B.periodic. 
C.perpetual. 
D.gross 
profit. 
E.physical. 
Answer
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