The inventory valuation method that identifies each item in ending inventory with a specific purchase and invoice is the:

The inventory valuation method that identifies each item in ending inventory with a specific purchase and invoice is the:

a. Weighted average inventory method.
b. First-in, first-out method.
c. Last-in, first-out method.
d. Specific identification method.
e. Retail inventory method.



Answer: B

Costs included in the Merchandise Inventory account can include:

Costs included in the Merchandise Inventory account can include:

a. Invoice price minus any discount, Transportation-in, Storage, Insurance
b. Invoice price plus any discount, Transportation-in, Storage, Insurance
c. Invoice price minus any discount, Transportation-out, Storage, Insurance
d. Invoice price minus any discount, Transportation-in, cost of good sold
e. All of these

Answer: A

Costs included in the Merchandise Inventory account can include:

Costs included in the Merchandise Inventory account can include:

a. Invoice price minus any discount.
b. Transportation-in.
c. Storage.
d. Insurance.
e. All of these.





Answer: E

Which accounts don't need to do closing entries?

Which accounts don't need to do closing entries?

a. Revenue
b. Income Summary
c. Non - current Liability
d. Withdrawals
e. Expense

Answer: C

Which accounts don't need to do closing entries?

Which accounts don't need to do closing entries?

a. Revenue
b. Expense
c. Income Summary
d. Withdrawals
e. Current asset

Answer: E

Which accounts need to do closing entries?

Which accounts need to do closing entries?

a. Close Revenue accounts to Income Summary
b. Close Expense accounts to Income Summary
c. Close Income Summary account to Owner's Capital.
d. Close Withdrawals account to Owner's Capital
e. All of these

Answer: E