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Chapter 6 accounting









Goods in transit are included in a purchaser’s inventory when?
the purchaser is responsible for paying freight charges.
Internal Controls that should be applied when a business takes a physical count of inventory should include what four things?
1. Prenumbered inventory tickets.
2. inventory counters should not be responsible for the inventory.
3. counters must confirm the of inventory existence, amounts, and quality.
4. Second counts by a different counter.
The Consistency Concept says to consistently apply what?
the same method of inventory evaluation except when a change from one method to another will improve financial reporting.
During a period of steadily rising costs, the inventory valuation method that yields the lowest reported net income is:
LIFO method.
Inventory Costing methods:
1. Specific Identification
2. LIFO- Last in, First out
3. FIFO- First in, First out
4. Weighted Average