Chapter 6 Game
Quiz by Julie Morris
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- Q11. Which principle states that businesses should use the same accounting methods and procedures from period to period?MaterialityConsistencyDisclosureConservatism30s
- Q2What principle requires that a company must report enough information in its financial statements for outsiders to make knowledgeable decisions about the company?ConservatismDisclosureConsistencyMateriality30s
- Q3Ward Hardware used the FIFO inventory costing method in 2018. Ward plans to continue using the FIFO method in future years. Which accounting principle is most relevant to Ward’s decision?DisclosureMaterialityConservatismConsistency30s
- Q4Treats the oldest inventory purchases as the first units sold.First-in, first-out (FIFO)Weighted-averageJust in TimeLast-in, first-out (LIFO)30s
- Q5Identifies exactly which inventory item was sold. Usually used for higher cost inventory.First-in, first-out (FIFO)Specific identificationLast-in, first-out (LIFO)Weighted-average30s
- Q6Calculates a weighted-average cost based on the cost of goods available for sale and the number of units available.LIFOSpecific IdentificationFIFOWeighted-average30s
- Q7Principle whose foundation is to exercise caution in reporting financial statement items.ConservatismConsistencyMatchingDisclosure30s
- Q8Treats the most recent/newest purchases as the first units sold.First-in, first-out (FIFO)Last-in, first-out (LIFO)Specific IdentificationWeighted-average30s
- Q9Principle that states significant items must conform to GAAP.ConsistencyDisclosureMaterialityConservatism30s
- Q10Rule that merchandise inventory should be reported in the financial statement at whichever is lower - its historical cost or its market value.specific identificationLIFOLower-of-Cost-or Market (LCM) RuleFIFO30s