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BBA2201 Columbia Southern Unit V Periodic Inventory System Assessment

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Columbia Southern University
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UNIT V ASSESSMENT • Question 1 5 out of 5 points The term "freight out" refers to __________. Selected Answer: transportation costs on sales Correct Answer: transportation costs on sales • Question 2 5 out of 5 points Changing from the LIFO (Last-In, First-Out) to the specific identification method of valuing inventory ignores the principle of __________. Selected Answer: consistency Correct Answer: consistency • Question 3 5 out of 5 points A company using the perpetual inventory system purchased inventory worth $21,000 on account with terms of 3/10, n/30. Defective inventory of $1,000 was returned two days later, and the accounts were appropriately adjusted. If the invoice is paid within 10 days, the amount of the purchase discount that would be available to the company is ________. Selected Answer: $600 Correct Answer: $600 • Question 4 5 out of 5 points What does "2/10" mean, with respect to "credit terms of 2/10, n/30"? Selected Answer: Correct Answer: • A discount of 2 percent will be allowed if the invoice is paid within 10 days of the invoice date. A discount of 2 percent will be allowed if the invoice is paid within 10 days of the invoice date. Question 5 Which of the following statements is FALSE? 5 out of 5 points Selected Answer: Correct Answer: • In a periodic inventory system, merchandise inventory and purchasing systems are integrated with the records for Accounts Receivable and Sales Revenue. In a periodic inventory system ...
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