Question 13 Answer saved Marked out of 1.

00

An inventory pricing procedure in which the oldest costs incurred rarely have an
e ect on the ending inventory valuation is:

Select one:

a. FIFO ( rst-in, rst-out)

b. LIFO (last-in, rst-out)

c. Retail

d. Weighted-average

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Question 14 Answer saved Marked out of 1.00

Investments held for re-sale in expectation of making a pro t are:

Select one:

a. Long term assets.

b. Trading securities.

c. Not to be recorded in the book balance.

d. Non-current assets.

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Question 15 Answer saved Marked out of 1.00

To appear in a balance sheet of a business entity, an asset need not:

Select one:

a. Have an economic value.

b. Have a ready market value.

c. Be expected to bene t future operations.

d. Be owned by the business.

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