• 2022-06-07
    Which ONE of the following statements is correct?
    A: All items held in inventory must be valued at historical cost
    B: All items held in inventory must be valued at selling price less expected costs to sell
    C: Items in inventory are likely to be valued at either cost or at net realisable value
    D: All items in inventory are likely to be valued at expected selling price
  • C

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    • 0

      Costs<br/>included in the Merchandise Inventory account can include all of the<br/>following except: A: Invoice price minus any discount. B: Transportation-in. C: Storage. D: Insurance. E: Damaged inventory that cannot be sold.

    • 1

      In the following items, those that belong to current assets are ( ) A: currency fund B: account receivalbe C: notes receivable D: inventory

    • 2

      The difference between Cost of Goods Sold and Cost of Goods Available for Sale is: A: Beginning Inventory B: Ending Inventory C: Net Sales D: Net Purchases

    • 3

      Which of the following statements is correct? ( ) A: All items that are included in M1 are included also in M2. B: All items that are included in M2 are included also in M1. C: Credit cards are included in both M1 and M2. D: Savings deposits are included in both M1 and M2.

    • 4

      Which of the following cost belong to the inventory cost? A: transportation in B: insurance C: invoice cost D: storage