New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

ACC 557 Week 5 Quiz


ACC 557 Week 5 Quiz fin571

Marketplace > Kaplan University > fin571 > ACC 557 Week 5 Quiz

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

ACC 557 Week 5 Quiz
Study Guide
50 ?




Popular in

Popular in Department

This 9 page Study Guide was uploaded by an elite notetaker on Wednesday November 11, 2015. The Study Guide belongs to fin571 at Kaplan University taught by in Fall 2015. Since its upload, it has received 23 views.

Similar to fin571 at Kaplan University


Reviews for ACC 557 Week 5 Quiz


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 11/11/15
QUIZ.CH5.6 1- Multiple Choice Question 54 Cost of goods sold is determined only at the end of the accounting period in neither a perpetual nor a periodic inventory system. a perpetual inventory system. a periodic inventory system. both a perpetual and a periodic inventory system 2- Multiple Choice Question 92 A sales invoice is a source document that provides evidence of incurred operating expenses. provides evidence of credit sales. serves only as a customer receipt. provides support for goods purchased for resale. 3- Multiple Choice Question 149 Financial information is presented below: Operating Expenses $ 45,000 Sales Returns and Allowances 9,000 Sales Discounts 6,000 Sales Revenue 160,000 Cost of Goods Sold 87,000 The gross profit rate would be .503. .363. .400. .456. 4- Multiple Choice Question 96 The Sales Returns and Allowances account is classified as a(n) contra revenue account. contra asset account. expense account. asset account. 5- Multiple Choice Question 179 On October 4, 2013, JT Corporation had credit sales transactions of $3,200 from merchandise having cost $1,900. The entries to record the day's credit transactions include a credit of $1,900 to Cost of Goods Sold. credit of $3,200 to Sales Revenue. debit of $1,900 to Inventory. debit of $3,200 to Inventory. 6- IFRS Multiple Choice Question 257 Comprehensive income under IFRS excludes unrealized gains and losses included in net income, in contrast to GAAP. includes unrealized gains and losses included in net income, similar to GAAP. excludes unrealized gains and losses included in net income, similar to GAAP. includes unrealized gains and losses included in net income, in contrast to GAAP 7- Multiple Choice Question 134 If a company has net sales of $700,000 and cost of goods sold of $490,000, the gross profit percentage is 30%. 70%. 100%. 15%. 8- Multiple Choice Question 118 The consistent application of an inventory costing method is essential for accuracy. efficiency. comparability. conservatism. 9- Multiple Choice Question 168 The inventory turnover ratio is computed by dividing cost of goods sold by beginning inventory. ending inventory. average inventory. 365 days. 10- Multiple Choice Question 126 Switzer, Inc. has 5 computers which have been part of the inventory for over two years. Each computer cost $600 and originally retailed for $900. At the statement date, each computer has a current replacement cost of $400. How much loss should Switzer, Inc., record for the year? $2,000. $2,500. $1,000. $1,500. 11- Multiple Choice Question 72 Which one of the following inventory methods is often impractical to use? LIFO FIFO Specific identification Average cost 12 - Multiple Choice Question 132 Overstating ending inventory will overstate all of the following except net income. owner's equity. assets. cost of goods sold. 13- IFRS Multiple Choice Question 232 Under IFRS, companies can choose which inventory system? LIFO FIFO Yes No Yes Yes No Yes No No 14- Multiple Choice Question 123 The lower-of-cost-or-market (LCM) basis may be used with all of the following methods except FIFO. LIFO. The LCM basis may be used with all of these. average cost. 15- Multiple Choice Question 161 Inventory items on an assembly line in various stages of production are classified as Raw materials. Merchandise inventory. Finished goods. Work in process.


Buy Material

Are you sure you want to buy this material for

50 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."

Amaris Trozzo George Washington University

"I made $350 in just two days after posting my first study guide."

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.