What are the basic four cost flow assumption methods

Assignment Help Accounting Basics

Reference no: EM132728661

Problem 1: Financial statement fraud has occurred when financial statements intentionally hide illegal transactions or fail to accurately reflect the true financial condition of an entity.

Select one:

a. True
b. False

Problem 2: What is the computerized system to record and process a sale immediately when it occurs, usually by scanning the product bar code?

Select one:

a. point-of-sale system (POS)
b. enterprise resource planning (ERP)
c. cryptocurrency

Problem 3: Cash purchases of inventory would be recorded in the purchases journal with a debit to Merchandise Inventory and a credit to Accounts Payable.

Select one:

a. True
b. False

Problem 4: What are the basic four cost flow assumption methods? which are first-in, first-out (FIFO); last-in, first-out (LIFO); specific identification (SI); and weighted average (AVG).

Select one:

a. enterprise resource planning (ERP); last-in, first-out (LIFO); specific identification (SI); and weighted average (AVG)
b. first-in, first-out (FIFO); last-in, first-out (LIFO); specific identification (SI); and weighted average (AVG)
c. first-in, first-out (FIFO); last-in, first-out (LIFO); specific identification (SI); and lower-of-cost-or-market (LCM)

Reference no: EM132728661

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