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1
1.) There is no difference in the amount of inventory calculated by the periodic and perpetual inventory systems when using the FIFO cost flow assumption.
true or false
3.) According to the historical cost principle, it is acceptable for managers to use their own estimate of an asset's value when recording the purchase.
true or false
4.) External users include lenders such as banks, and other creditors such as suppliers and bondholders.
True or False
5.) TSN had $12,000 in accounts receivable and $320,000 in net sales for the period. Its days' sales uncollected was 13.7 days.
True or False
9.) The total dollar value of inventory on hand is determined by: (1) estimating the units on hand, (2) multiplying the count by cost per unit, and (3) adding the costs for all products.
True or False
11.) The inventory cost flow assumption that assigns the highest cost to ending inventory in a period of rising prices is moving weighted average.
True or False
13.) Businesses normally get a full credit for both the goods and services tax (GST) and/or Harmonized Sales Tax (HST), and the provincial sales tax (PST) that they have paid.
True or False
20.) Internal transactions have no effect on the accounting equation.
True or False
Expert Solution
1.) There is no difference in the amount of inventory calculated by the periodic and perpetual inventory systems when using the FIFO cost flow assumption.
false
3.) According to the historical cost principle, it is acceptable for managers to use their own estimate of an asset's value when recording the purchase.
false
4.) External users include lenders such as banks, and other creditors such as suppliers and bondholders.
True
5.) TSN had $12,000 in accounts receivable and $320,000 in net sales for the period. Its days' sales uncollected was 13.7 days.
True [12000*365/320000 = 13.7 days]
9.) The total dollar value of inventory on hand is determined by: (1) estimating the units on hand, (2) multiplying the count by cost per unit, and (3) adding the costs for all products.
True
11.) The inventory cost flow assumption that assigns the highest cost to ending inventory in a period of rising prices is moving weighted average.
False
13.) Businesses normally get a full credit for both the goods and services tax (GST) and/or Harmonized Sales Tax (HST), and the provincial sales tax (PST) that they have paid.
True
20.) Internal transactions have no effect on the accounting equation.
True
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