Lackawanna ACC105 2021 September Module 6 Quiz Latest

ACC105 Principles of Accounting 1

Module 6 Quiz  

Question 1Purchase order

Physical inventory

Receiving report

Subsidiary inventory ledger

Question 2First in, first out (FIFO)

 Last in, first out (LIFO)

 A. A method of inventory costing based on the assumption that the most recent merchandise inventory costs should be charged against revenue.

Weighted average inventory

 Specific identification inventory cost flow method

 Question 3

Lower-of-cost-or-market (LCM) method

Net realizable value

Consigned inventory

Consignor

Consignee