Time Left:
00
:
00 :
00
HRS
MIN
SEC
Time Spent: %%TIMESPENT%%
Time expired. Sorry, you will not be able to continue with this quiz. Please opt-in to see the result.
SEC
Inventories
Inventories
Start the Quiz!
1/15
Identify the items that would be included in the inventory of a furniture shop:
(i)Sofa sets for sale to customers
(ii)Shelves for display of ornaments for sale to customers
(iii)Tables and chairs for sale to customers
(iv)High stools for customers' use at the cashier's counter
(i), (ii) and (iii)
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd Tags(i) and (iii)
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd Tags(ii) and (iv)
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsAll of the above
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsNext
2/15
Jake is a trader of office equipment and he purchased a laser printer for resale. In this transaction, the laser printer bought is considered a ______________.
non-current asset
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsA text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd Tagscurrent asset
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd Tagsnon-current asset as well as a current asset
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsNext
3/15
Which of the following is not a cost of purchase?
Delivery cost from the warehouse to the retail store
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsSalary of the salesman who sold the goods
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsCost of repackaging the goods for sale
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsImport duties for goods purchased overseas
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsNext
4/15
A batch of goods that cost $3,000 has its packaging damaged during delivery. It was sold for $2,700. What is the effect on profit for the period?
Decreased by $300
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsIncreased by $2,700
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsIncreased by $300
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsNo effect
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsNext
5/15
The cost of inventory for ABC Trading was $6,000. Due to exposure to the elements, the net realizable value for the inventory was $4,200. The book-keeper omitted to record the impairment loss on inventory. As a result ABC Trading’s profit for the period is
understated by $1,800.
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd Tagsoverstated by $4,200.
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd Tagsno effect
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd Tagsoverstated by $1,800.
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsNext
6/15
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsA text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsA text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsA text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsNext
7/15
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsA text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsA text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsA text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsNext
8/15
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsA text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsA text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsA text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsNext
9/15
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsA text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsA text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsA text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsNext
10/15
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsA text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsA text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsA text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsNext
12/15
Next
14/15
Next
%%QUESTIONANSWERS%%
Skip Opt-in
Almost there...
Where can we email you the results? Please enter details below.
Retake