ACG 3113 Final Exam Paper 2026/2027 – Full
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Terms in this set (74)
The amount of inventory purchased A.
during a particular year is
accumulated in a Purchases account
under a:
Periodic/Perpetual
A. Yes/No
B. Yes/Yes
C. No/Yes
D. No/No
Valuation of inventories requires the C.
determination of all of the following
except:
A. The costs to be included in
inventory.
B. The physical goods to be included
in inventory.
C. The cost of goods held on
consignment from other companies.
D. The cost flow assumption to be
adopted.
,Goods in transit at the balance sheet B.
date should be included in the
purchaser's inventory if they are
shipped:
F.O.B. Destination/F.O.B. Shipping
Point
A. No/No
B. No/Yes
C. Yes/No
D. Yes/Yes
The following items were included in A.
Voigt Corporation's inventory (12,000 * 0.3)+7,000
account at December 31, 2017:
Goods held on consignment by
Voigt $ 7,000 Merchandise out on
consignment, at sales price,
including 30% markup on selling
price 12,000
Goods purchased, in transit, shipped
f.o.b. shipping point 9,000
Voigt's inventory account at
December 31, 2017, should be
reduced by:
A. $10,600
B. $12,600
C. $16,000
D. $28,000
,Costs which are inventoriable D.
include all of the following except:
A. costs that are directly connected
with the bringing of goods to the
place of business of the buyer.
B. costs that are directly connected
with the converting of goods to a
salable condition.
C. buying costs of a purchasing
department.
D. selling costs of a sales
department.
Which of the following interest costs A.
should be capitalized?
Assets Constructed / Assets
Produced as for Internal Use
Discrete Projects for Sale or Lease
A. Yes/Yes
B. Yes/No
C. No/Yes
D. No/No
, The use of a Purchase Discounts Lost D.
account implies that the recorded
cost of a purchased inventory item is
its:
A. invoice price.
B. invoice price plus the purchase
discount price.
C. invoice price less the purchase
discount allowable, when taken.
D. invoice price less the purchase
discount allowable, whether or not
taken.
Which of the following inventory A.
methods comes closest to stating
ending inventory at replacement
costs?
A. FIFO.
B. LIFO.
C. Weighted Average.
D. Base stock.
Questions with Verified Correct Answers
Guaranteed to Pass – Instant Download
Save
Terms in this set (74)
The amount of inventory purchased A.
during a particular year is
accumulated in a Purchases account
under a:
Periodic/Perpetual
A. Yes/No
B. Yes/Yes
C. No/Yes
D. No/No
Valuation of inventories requires the C.
determination of all of the following
except:
A. The costs to be included in
inventory.
B. The physical goods to be included
in inventory.
C. The cost of goods held on
consignment from other companies.
D. The cost flow assumption to be
adopted.
,Goods in transit at the balance sheet B.
date should be included in the
purchaser's inventory if they are
shipped:
F.O.B. Destination/F.O.B. Shipping
Point
A. No/No
B. No/Yes
C. Yes/No
D. Yes/Yes
The following items were included in A.
Voigt Corporation's inventory (12,000 * 0.3)+7,000
account at December 31, 2017:
Goods held on consignment by
Voigt $ 7,000 Merchandise out on
consignment, at sales price,
including 30% markup on selling
price 12,000
Goods purchased, in transit, shipped
f.o.b. shipping point 9,000
Voigt's inventory account at
December 31, 2017, should be
reduced by:
A. $10,600
B. $12,600
C. $16,000
D. $28,000
,Costs which are inventoriable D.
include all of the following except:
A. costs that are directly connected
with the bringing of goods to the
place of business of the buyer.
B. costs that are directly connected
with the converting of goods to a
salable condition.
C. buying costs of a purchasing
department.
D. selling costs of a sales
department.
Which of the following interest costs A.
should be capitalized?
Assets Constructed / Assets
Produced as for Internal Use
Discrete Projects for Sale or Lease
A. Yes/Yes
B. Yes/No
C. No/Yes
D. No/No
, The use of a Purchase Discounts Lost D.
account implies that the recorded
cost of a purchased inventory item is
its:
A. invoice price.
B. invoice price plus the purchase
discount price.
C. invoice price less the purchase
discount allowable, when taken.
D. invoice price less the purchase
discount allowable, whether or not
taken.
Which of the following inventory A.
methods comes closest to stating
ending inventory at replacement
costs?
A. FIFO.
B. LIFO.
C. Weighted Average.
D. Base stock.
