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Chapter 6 Game

Quiz by Julie Morris

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10 questions
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  • Q1
    1. Which principle states that businesses should use the same accounting methods and procedures from period to period?
    Materiality
    Consistency
    Disclosure
    Conservatism
    30s
  • Q2
    What principle requires that a company must report enough information in its financial statements for outsiders to make knowledgeable decisions about the company?
    Conservatism
    Disclosure
    Consistency
    Materiality
    30s
  • Q3
    Ward 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?
    Disclosure
    Materiality
    Conservatism
    Consistency
    30s
  • Q4
    Treats the oldest inventory purchases as the first units sold.
    First-in, first-out (FIFO)
    Weighted-average
    Just in Time
    Last-in, first-out (LIFO)
    30s
  • Q5
    Identifies exactly which inventory item was sold. Usually used for higher cost inventory.
    First-in, first-out (FIFO)
    Specific identification
    Last-in, first-out (LIFO)
    Weighted-average
    30s
  • Q6
    Calculates a weighted-average cost based on the cost of goods available for sale and the number of units available.
    LIFO
    Specific Identification
    FIFO
    Weighted-average
    30s
  • Q7
    Principle whose foundation is to exercise caution in reporting financial statement items.
    Conservatism
    Consistency
    Matching
    Disclosure
    30s
  • Q8
    Treats the most recent/newest purchases as the first units sold.
    First-in, first-out (FIFO)
    Last-in, first-out (LIFO)
    Specific Identification
    Weighted-average
    30s
  • Q9
    Principle that states significant items must conform to GAAP.
    Consistency
    Disclosure
    Materiality
    Conservatism
    30s
  • Q10
    Rule that merchandise inventory should be reported in the financial statement at whichever is lower - its historical cost or its market value.
    specific identification
    LIFO
    Lower-of-Cost-or Market (LCM) Rule
    FIFO
    30s

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