Reference no: EM132725591
Question 1. Entity A, a government entity, purchases office supplies. Entity A would most likely record the purchase
a. by debiting the Purchases account
b. as Inventory Held for Consumption
c. as Inventory Held for Distribution
d. by debiting the Office Supplies Expense account
Question 2. Who owns the goods in transit under FOB shipping point?
a. buyer
b. seller
c. either a or b
d. none
Question 3. Which of the following documents is prepared when issuing semi-expendable property to end-users?
a. Requisition and Issue Slip (RIS)
b. Inventory Custodian Slip
c. Supplies Ledger Card (SLC)
d. Waste Materials Report
Question 4. The carrying amount of inventory is not recognized as expense in this type of event or transaction.
a. The inventory is sold.
b. The inventory is used in the production of another asset.
c. The inventory is consumed by end users in providing service.
d. The inventory is written-off.
Question 5. Which of the following is subsequently measured at the lower of cost and current replacement cost?
a. Inventories held for sale
b. Inventories held for distribution
c. Inventories that are undergoing manufacturing process for completion as finished goods for sale.
d. None of these.
Question 6. The supply or property office of a government entity uses this to record and monitor the movements and balances of inventories.
a. Stock Card
b. Inventory Listing
c. Stock Ledger Card
d. Registry of Inventory
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