The document contains 4 multiple choice questions from accounting and auditing papers: 1) Identifying the non-inventory method as sales value, 2) Stating LIFO reports higher net income when costs are rising, 3) Recognizing cost of goods sold under periodic inventory system at the end of the year, and 4) No information provided for the 4th item.
The document contains 4 multiple choice questions from accounting and auditing papers: 1) Identifying the non-inventory method as sales value, 2) Stating LIFO reports higher net income when costs are rising, 3) Recognizing cost of goods sold under periodic inventory system at the end of the year, and 4) No information provided for the 4th item.
The document contains 4 multiple choice questions from accounting and auditing papers: 1) Identifying the non-inventory method as sales value, 2) Stating LIFO reports higher net income when costs are rising, 3) Recognizing cost of goods sold under periodic inventory system at the end of the year, and 4) No information provided for the 4th item.
The document contains 4 multiple choice questions from accounting and auditing papers: 1) Identifying the non-inventory method as sales value, 2) Stating LIFO reports higher net income when costs are rising, 3) Recognizing cost of goods sold under periodic inventory system at the end of the year, and 4) No information provided for the 4th item.
Download as DOCX, PDF, TXT or read online from Scribd
Download as docx, pdf, or txt
You are on page 1of 1
CSS – Accounting & Auditing, Paper 1, 2007
Which of the following is not an accountable inventory method?
(a) Lower of cost or market (b) Sales value (c) Specific identification (d) None of these CSS – Accounting & Auditing, Paper 1, 2007 When costs are rising, which method reports higher net income: (a) LIFO (b) FIFO (c) Average (d) The most recent purchase price CSS – Accounting & Auditing, Paper 1, 2009 Under periodic inventory system cost of goods sold is determined and recognized in the books of accounts:
(a) At the time of purchase of goods
(b) At the time of sale of goods (c) At the end of the year (d) None of these CSS – Accounting & Auditing, Paper 1, 2010