Twitter - Quiz Tutors
Inventory Systems - Accounting & Finance – Quiz. Facebook - Quiz Tutors

Inventory Systems – Accounting & Finance – Quiz

The key terms in this Accounting & Finance course include Inventory Systems.


In order to determine the inventory for its Statement of Financial Position, a company must count the inventory at the end of the accounting period according to:

a. both the Periodic and the Perpetual Inventory Systems

b. the Periodic Inventory System 

c. the Perpetual Inventory System

d. neither the Periodic nor the Perpetual Inventory Systems


Bank statements are prepared by the bank from the customer’s perspective.

True

False 


Inventory Systems – Accounting & Finance – Quiz


Cash drawings by the owner would be recorded in the:

a. Purchases Journal

b. General Journal

c. Cash Payments Journal 

Correct

d. Sales Journal


A credit note received from a supplier is usually recorded as:

a. a negative entry in the Purchases Journal

b. a negative entry in the Cash Payments Journal

c. an entry in the General Journal

d. a negative entry in the Sales Journal 


A purchase of office furniture on credit would be recorded in the:

a. General Journal

b. Cash Payments Journal

c. Sales Journal

d. Purchases Journal 


Cost of Goods Sold is calculated as:

a. Opening Inventory minus Purchases minus Closing Inventory

b. Opening Inventory plus Sales minus Purchases minus Closing Inventory

c. Opening Inventory plus Purchases minus Closing Inventory 

d. Opening Inventory plus Purchases plus Closing Inventory


The Sales Journal records which of the following?

a. Sale of inventories on credit 

Correct

b. Cash receipts

c. Sale of inventories on credit and cash sales of inventories

d. Cash sales of inventory


When preparing a bank reconciliation, examples of likely amounts appearing in the business’s ledger bank account but not on the bank statement are:

a. outstanding deposits 

b. interest charges

c. merchant fees

d. interest earned


Name the two credit journals.

a. Sales Journal and Purchases Journal 

b. Cash Receipts Journal and Cash Payments Journal

c. Cash Receipts Journal and Sales Journal

d. Purchases Journal and Cash Payments Journal


Homepage