uop ACC290 MCQs

The following information was available for Whispering Winds Corp. at December 31 2017: beginning inventory $72000; ending inventory $128000; cost of goods sold $640000; and sales $872000. Whispering inventory turnover ratio (rounded) in 2017 wasA) 5.0 times.B) 6.4 times.C) 8.7 times.D) 8.9 times.For which of the following errors should the appropriate amount be subtracted from the balance per books on a bank reconciliation?A) Check written for $59 but recorded by the companyas $95.B) Check written for $53 but recorded by the companyas $35.C) Deposit of $500 recorded by the bank as $50.D) A returned $200 check recorded by the bank as $20.A check written by the company for $136 is incorrectly recorded by a company as $163. On the bank reconciliation the $27 error should beA – added to the balance per books.B – added to the balance per bank.C – deducted from the balance per books.D – deducted from the balance per bank.Which of the following statements is correct with respect to inventoriesA) Under FIFO the ending inventory is based on the latest units purchased.B) It is generally good business management to sell the most recently acquired goods first.C) FIFO seldom coincides with the actual physical flow of inventory.D) The FIFO method assumes that the costs of the earliest goods acquired are the last to be sold.