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提问人：网友lixin080108 发布时间：2022-01-07

[主观题]

Under a perpetual inventory system, when a sale is made, the seller prepares:

A．no journal entry．

B．one journal entry only．

C．two journal entries．

D．three journal entries．

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更多“Under a perpetual inventory system, when a sale is made, the seller prepares:”相关的问题

第1题

Physical counts of inventory:

A、Are not necessary under the perpetual system.

B、Are necessary to adjust the Inventory account to the actual inventory available.

C、Must be taken at least once a month.

D、Requires the use of hand-held portable computers.

E、Are not necessary under the cost-to benefit constraint.

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第2题

Under a perpetual inventory system, to update the inventory records for the sale of goods, the entry is:

A．DrSales revenue CrInventory

B．DrInventory CrCostofsales

C．DrCostofsales CrAccounts payable

D．DrCost ofsales CrInventory

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第3题

The use of LIFO under a perpetual inventory system （）:

A．may yield a higher inventory valuation than LIFO under a periodic inventory system when prices are steadily falling．

B．may yield a higher inventory valuation than LIFO under a periodic inventory system when prices are steadily rising．

C．always yields the same inventory valuation as LIFO under a periodic inventory system．

D．can never yield the same inventory valuation as LIFO under a periodic inventory system．

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第4题

At year-end, the perpetual inventory records of Anderson Co. indicate 60 units of a pa

rticular product in inventory, acquired at the following dates and unit costs: Purchased in August: 30 units at $750 per unit. Purchased in November: 30 units at $700 per unit. A complete physical inventory taken at year-end indicates only 50 units of this product actually are on hand. Under the FIFO flow assumption, the cost of these items to be included in inventory in the company's year-end balance sheet is: ().

A、$36,000.

B、$36,500.

C、$42,000.

D、$37,500.

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第5题

The following statements are true of LIFO except that______.A．LIFO is an inventory cost fl

The following statements are true of LIFO except that______.

A．LIFO is an inventory cost flow whereby the last goods purchased are assumed to be the first goods sold so that the ending inventory consists of the first goods purchased

B．cost of goods sold is determined from the most recent purchase cost

C．cost of ending stock is determined from the earliest costs paid for the inventory items

D．when LIFO is used, cost of goods sold and ending stock will be the same under the periodic and perpetual system

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第6题

At year-end, the perpetual inventory records of Anderson Co. indicate 60 units of a pa

rticular product in inventory, acquired at the following dates and unit costs: Purchased in August: 30 units at $750 per unit. Purchased in November: 30 units at $700 per unit. A complete physical inventory taken at year-end indicates only 50 units of this product actually are on hand. Under the LIFO flow assumption, the cost of this item to be included as inventory in the company's year-end balance sheet is: ().

A、$36,000.

B、$42,000.

C、$36,500.

D、$37,500.

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第7题

1. Prepare journal entries to record the following...

1. Prepare journal entries to record the following merchandise transactions of Geo Company, which applies the perpetual inventory system. May 1 Purchased merchandise from Amok Company for $11,200 under credit terms of 2/15, n/45, FOB destination, and invoice dated May 1. 3 Sold merchandise to Lawton for $8,000 under credit terms of 1/10, n/30, FOB destination, invoice date May 3. The merchandise had cost $5,000. 5 Paid $350 cash for shipping charges related to the May 3 sale. 6 Returned $2,000 of the merchandise purchased on May 1 to Amok Company. 7 Lawton returned merchandise from the May 3 sale that had cost Geo $625 and had been sold for $1,000. The merchandise was restored to inventory. 13 Received the balance due from Lawton less the return. (note: 1% sales(cash) discount) 14 Paid the amount due Amok Company. (note:2% purchanse discount)

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第8题

（b) You are the audit manager of Jinack Co, a private limited liability company. You are c

(b) You are the audit manager of Jinack Co, a private limited liability company. You are currently reviewing two

matters that have been left for your attention on the audit working paper file for the year ended 30 September

2005:

(i) Jinack holds an extensive range of inventory and keeps perpetual inventory records. There was no full

physical inventory count at 30 September 2005 as a system of continuous stock checking is operated by

warehouse personnel under the supervision of an internal audit department.

A major systems failure in October 2005 caused the perpetual inventory records to be corrupted before the

year-end inventory position was determined. As data recovery procedures were found to be inadequate,

Jinack is reconstructing the year-end quantities through a physical count and ‘rollback’. The reconstruction

exercise is expected to be completed in January 2006. (6 marks)

Required:

Identify and comment on the implications of the above matters for the auditor’s report on the financial

statements of Jinack Co for the year ended 30 September 2005 and, where appropriate, the year ending

30 September 2006.

NOTE: The mark allocation is shown against each of the matters.

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第9题

Visitors to St. Paul's Cathedral are sometimes astonished as they walk round the space und

er the arch to come upon a statue which would appear to be that of a retired armed man meditating upon a wasted life. They are still more astonished when they see under it an inscription indicating that it represents the English writer, Samuel Johnson. The statue is by Bacon, but it is not one of his best works. The figure is, as often in eighteenth-century sculpture, clothed only in a loose robe which leaves arms, legs and one shoulder bare. But the strangeness for us is not one of costume only. If we know anything of Johnson, we know that he was constantly ill all through his life; and whether we know anything of him or not we are apt to think of a literary man as a delicate, weakly, nervous sort of person. Nothing can be further from that than the muscular statue. And in this matter the statue is perfectly right. And the fact which it reports is far from being unimportant. The body and the mind are closely interwoven in all of us, and certainly in Johnson's case the influence of the body was extremely obvious. His melancholy, his constantly repeated conviction of the general unhappiness of human life, was certainly the result of his constitutional infirmities. On the other hand, his courage, and his entire indifference to pain, were partly due to his great bodily strength. Perhaps the vein of rudeness, almost of fierceness, which sometimes showed itself in his conversation, was the natural temper of an invalid and suffering giant. That at any rate is what he was. He was the victim from childhood of a disease which resembled St Vitus's Dance. He never knew the natural joy of a free and vigorous use of his limbs; when he walked it was like the struggling walk of one in irons. All accounts agree that his strange gestures and contortions were painful for his friends to witness and attracted crowds of starers in the streets. But Reynolds says that he could sit still for his portrait to be taken, and that when his mind was engaged by a conversation the convulsions ceased. In any case, it is certain that neither this perpetual misery, nor his constant fear of losing his reason, nor his many grave attacks of illness, ever induced him to surrender the privileges that belonged to his physical strength. He justly thought no character so disagreeable as that of a chronic invalid, and was determined not m be one himself. He had known what it was to live on four pence a day and scorned the life of sofa cushions and tea into which well-attended old gentlemen so easily slip.

Visitors to St Paul's Cathedral are surprised when they look at Johnson's statue because ______.

A．they don't expect it to be there

B．it's dressed in Roman costume

C．it's situated in the dome

D．it's dressed in eighteenth-century costume

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