May 25 th - PowerPoint PPT Presentation

may 25 th n.
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May 25 th

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  1. May 25th

  2. 1. Inventory would be listed as a • Long term Asset • Current Asset • Current Liability • Owner’s Equity

  3. 2. In periods of inflation which method of inventory valuation would give greater profits? • LIFO • FIFO • FISH • PIFO

  4. 3. Which of the following is NOT one of the rules in preparing the merchandize budget? • Always be prepared in advance of the selling season • The language of the budget must be east to understand • Plans should be made for a two to three year period • Flexible enough to permit changes

  5. 4. The Cost method of inventory accounting • is used by retailers with big-ticket items and a limited number of sales per day • makes it easier to do daily inventory • makes allocating of freight costs easier • all of these are true

  6. 5. Which TV series had its series Finale last Sunday night? • Lost