Inventories
Inventories
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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)
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Add RecommendationAdd Tags(i) and (iii)
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Add RecommendationAdd Tags(ii) and (iv)
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Add RecommendationAdd TagsAll of the above
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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
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Add RecommendationAdd Tagscurrent asset
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Add RecommendationAdd Tagsnon-current asset as well as a current asset
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3/15
Which of the following is not a cost of purchase?
Delivery cost from the warehouse to the retail store
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Add RecommendationAdd TagsSalary of the salesman who sold the goods
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Add RecommendationAdd TagsCost of repackaging the goods for sale
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Add RecommendationAdd TagsImport duties for goods purchased overseas
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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
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Add RecommendationAdd TagsIncreased by $2,700
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Add RecommendationAdd TagsIncreased by $300
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Add RecommendationAdd TagsNo effect
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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.
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Add RecommendationAdd Tagsoverstated by $4,200.
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Add RecommendationAdd Tagsno effect
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Add RecommendationAdd Tagsoverstated by $1,800.
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6/15
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7/15
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8/15
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9/15
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10/15
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11/15
Inventory is valued at market value.
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12/15
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13/15
The total cost of inventory is only its purchase price.
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14/15
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15/15
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