BUS 591 BUS591 Week 3 Quiz (Spring 2016)

BUS 591 BUS591 Week 3 Quiz (Spring 2016)

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BUS 591 Week 3 Quiz (Spring 2016)

Adams Company is a retailer and uses a perpetual inventory system. Which statement is correct? 

Inventory costing methods place primary reliance on assumptions about the flow of 

Which of the following accounts has a normal credit balance? 

Assets purchased for resale are recorded in which of the following accounts? 

Financial information is presented below: 

Operating Expenses $ 45,000 

Echo Sound Company just began business and made the following four

inventory purchases in June: 

In periods of rising prices, which is an advantage of using the LIFO inventory costing method? 

Freight costs incurred by a seller on merchandise sold to customers will

cause an increase 

Which of the following is not considered in computing net cost of purchases? 

Which of these would cause the inventory turnover ratio to increase the most?


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