题目内容

The cost of an inventory item includes its invoice cost minus any discount, plus any added or incidental costs necessary to put it in a place and condition for sale.

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The inventory valuation method that tends to smooth out erratic changes in costs is:

A. LIFO.
B. WIFO.
C. FIFO.
D. Weighted average.
E. Specific identification.

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The inventory valuation method that has the advantages of assigning an amount to inventory on the balance sheet that approximates its current cost, and also mimics the actual flow of goods for most businesses is:

A. Lower of cost or market.
B. Specific identification.
C. FIFO.
D. Weighted average.
E. LIFO.

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The five fundamental principles of accounting information systems are:

A. Historical cost, relevance, compatibility, flexibility, and cost-benefit.
B. Control, relevance, compatibility, flexibility, and safety.
C. Historical cost, relevance, compatibility, timeliness, and cost-benefit.
D. Control, accountability, relevance, compatibility, and flexibility.
E. Control, relevance, compatibility, flexibility, and cost-benefit

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The control principle for accounting information systems requires that the:

A. System report useful, understandable, timely, and pertinent information for effective decision making.
B. System be able to adjust to changes in the company, business environment, and needs of decision makers
C. System conforms to a company's activities, personnel, and structure.
D. Benefits from an activity outweigh the costs of the activity.
E. System must have methods and procedures allowing managers to control and monitor business activities.

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