2024 – 1 Sam s Used Cars uses the specific identification method of costing inventory During March Sam purchased
Multiple Questions Answers – 2024
1) Sam’s Used Cars uses the specific identification method of costing inventory. During March, Sam purchased three cars for $6,000, $7,500, and $9,750, respectively. During March, two cars are sold for $9,000 each. Sam determines that at March 31, the $9,750 car is still on hand. What is Sam’s gross profit for March?
A. $8,250
B. $4,500
C. $750
D. $5,250
2) Which one of the following items is not generally used in preparing a statement of cash flows?
A. Additional information
B. Comparative balance sheets
C. Current income statement
D. Adjusted trial balance
3) The cost principle requires that when assets are acquired, they be recorded at __________.
A. list price
B. exchange price paid
C. selling price
D. appraisal value
4) What is the preparation of reports for each level of responsibility in the company’s organization chart called?
A. Master budgeting analysis
B. Responsibility reporting
C. Exception reporting
D. Static reporting
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