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1) A company has inventory of 10 units at a cost of $10 each on June 1


1) A company has inventory of 10 units at a cost of $10 each on June 1. On June 3, they purchased 20 units at $12 each. 12 units are sold on June 5. Using the FIFO perpetual inventory method, what is the cost of the 12 units that were sold?


a) $120

b) $124

c)   $128

d) $130

e) $140


  1. When two clerks share the same cash register, which internal control principle is violated?
    1. Establish responsibilities
    2. Maintain adequate records
    3. Insure assets
    4. Bond key employees
    5. Apply technological controls


  1. The number of days' sales uncollected:
    1. Is used to evaluate the liquidity of receivables.
    2. Is calculated by dividing accounts receivable by sales.
    3. Measures a company's ability to pay its bills on time.
    4. Measures a company's debt to income.
    5. Is calculated by dividing sales by accounts receivable.


  1. Electron borrowed $75,000 cash from TechCom by signing a promissory note. TechCom's entry to record the transaction should include a:
    1. Debit to Notes Receivable for $75,000.
    2. Debit to Accounts Receivable for $75,000.
    3. Credit to Notes Receivable for $75,000.
    4. Debit Notes Payable for $75,000.
    5. Credit to Sales for $75,000.
  2. A change in an accounting estimate is:
    1. Reflected in past financial statements.
    2. Reflected in future financial statements and also requires modification of past statements.
    3. A change in a calculated amount that is part of current and future financial statements that results from new information or subsequent developments and from better insight or improved judgment.
    4. Not allowed under current accounting rules.
    5. Considered an error in the financial statements.


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