Accounting ll Review

Question 1

There are two methods available for estimating the ending inventory.

Accepted Answer

This method occurs at the month end to conduct the physical count

Question 2

The purpose of accounting is to provide financial information to users .

Accepted Answer

True

Question 3

Which is not a procedures to calculate Cost of Goods Sold ?

Accepted Answer

Sales is taken directly from the General Ledger.

Question 4

Test Taking Strategies is Cognitive abilities/mental capability to deal with testing

Accepted Answer

True

Question 5

Accounting reports provide financial reports, accounts payable and receivable, cash flow, and equity reports.

Accepted Answer

True

Question 6

A Departmental Margin Statement helps the manager analyze the costs.

Accepted Answer

False

Question 7

Gross profit equals net sales minus the cost of goods sold.

Accepted Answer

True

Question 8

Which statement is incorrect regarding Financial statements ?

Accepted Answer

Evaluate business projects & Budgets

Questions 8