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Accounting 4356
Accounting
| Question | Answer |
|---|---|
| The costs of holding inventory (insurance and warehousing) are called... | Holding costs |
| The costs of not having enough inventory on hand to meet customer demand are called... | stockout costs |
| The decision to build up inventory to support sales involves analyzing the trade-off between... | holding costs and stockout costs |
| Cost accounting texts provide... | Quantitative models to compute the best quantity to order at a given time. |
| An inventory system where smaller quantities of inventory lower holding costs, while arrangements with suppliers for prompt delivery minimize stockout costs. | Just-in-time inventory system |
| Accounts Receivable and Accounts Receivable Assigned are recorded at... | net realizable value |
| Accounts Payable and Notes Payable are recorded at... | net realizable value |
| Inventories and Notes Receivable are recorded at... | LCM |
| Cost of Goods Sold on the Income Statement-- When you record a loss from a writedown to LCM, your Cost of Goods Sold (increases/decreases) | increases |
| Purchase Discounts Lost = | interest expense |
| Sales Discounts Not Taken = | interest revenue |
| A/R, Bad Debt Expense is related to... | Exp/Losses related to Assigning or Factoring (selling) |
| What section of the Stmt of Cash Flows records NI +/- adjustments? | Operating Activities |
| Held for sale inventories defined as | Mdse Inv. or Finished Goods inventory |
| In process of production for sale inventories defined as | Work-in Progress Inv. |
| Held for use in production of goods/services to be made available for sale defined as | Raw Materials Inv. |
| Which items are included in inventory? | All items over which the company has economic control. |
| Consignment goods (do/do not) belong to the company: | do NOT |
| Which costs are attached to each unit available for sale? | all costs necessary to acquire and bring to location (contract price, shipping and handling, normal spoilage) |
| Discounts offered on (?) and Interest paid is recorded on (?) | A/P N/P |
| Which method is used when recording inventories? | Net method. Record inventory NET of discount. |
Created by:
Chelsealj
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