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    Quiz One

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    Neeraj Saxena
    The document is a 10 question quiz on principles of accounting II concepts related to inventory valuation. It covers topics like finished goods being part of inventory, inventory errors affecting the next year's balance sheet, methods of inventory valuation including periodic and perpetual systems, and accounting for inventory on the balance sheet.

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    Quiz One

    Uploaded by

    Neeraj Saxena
    11 views1 page
    The document is a 10 question quiz on principles of accounting II concepts related to inventory valuation. It covers topics like finished goods being part of inventory, inventory errors affecting the next year's balance sheet, methods of inventory valuation including periodic and perpetual systems, and accounting for inventory on the balance sheet.

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    finance quiz

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    quiz one

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    The document is a 10 question quiz on principles of accounting II concepts related to inventory valuation. It covers topics like finished goods being part of inventory, inventory errors affecting the next year's balance sheet, methods of inventory valuation including periodic and perpetual systems, and accounting for inventory on the balance sheet.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as doc, pdf, or txt
    11 views1 page

    Quiz One

    Uploaded by

    Neeraj Saxena
    The document is a 10 question quiz on principles of accounting II concepts related to inventory valuation. It covers topics like finished goods being part of inventory, inventory errors affecting the next year's balance sheet, methods of inventory valuation including periodic and perpetual systems, and accounting for inventory on the balance sheet.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as doc, pdf, or txt
    of 1

    Slip Test 1 Principles of Accounting II , 30 Minutes, Chapter -1

    Q1. Finished goods is a part of Inventory

    a.True b. False

    Q.2. Inventory errors affect Balance sheet of next year

    a.True b. False

    Q3. Name any two method of inventory valuation

    Q4. Ending inventory of this year is beginning inventory of next year

    Q5.Periodic inventory system records inventory for whole year

    Q6. Perpetual inventory system records inventory for whole year

    Q7. Closing Inventory = Opening Inventory + Purchases Cost of Goods Sold

    Q8. . In perpetual inventory system, stores balances are recorded after each receipt and issue.

    Q9.Retail method is method of estimating inventory

    Q10.Gross profit method is a method of estimating inventory

    Q11.Inventory is kept at assists side of Balance sheet

    Q12.Inventory is kept at liability side of Balance sheet

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