Managerial Accounting Final Ch 7 Multiple Choice

  1. If goods shipped FOB destination are in transit at the end of the year, they should be included in the inventory balance of the
    Seller
  2. Merchandise shipped FOB shipping point in the last day of the year should probably be included in
    Neither the buyer's nor seller's inventory balance
  3. Conner Company's inventory balance on December 31, 2009 was 3,100,00 before condidering the following transactions:
    $3,350,000
  4. A firm that uses the perpetual inventory method purchased $1,000 of inventory on terms 2/10, n/30. The journal entry to record this transaction would include a debit to
    Inventory
  5. Which of the following accounts would NOT normally have a debit balance?
    Purchase Discounts
Author
Anonymous
ID
153112
Card Set
Managerial Accounting Final Ch 7 Multiple Choice
Description
Managerial Accounting Final Ch 7 Multiple Choice
Updated