Accounting
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| The costs of holding inventory (insurance and warehousing) are called... | Holding costs
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| The costs of not having enough inventory on hand to meet customer demand are called... | stockout costs
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| The decision to build up inventory to support sales involves analyzing the trade-off between... | holding costs and stockout costs
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| Cost accounting texts provide... | Quantitative models to compute the best quantity to order at a given time.
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| 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
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| Accounts Receivable and Accounts Receivable Assigned are recorded at... | net realizable value
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| Accounts Payable and Notes Payable are recorded at... | net realizable value
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| Inventories and Notes Receivable are recorded at... | LCM
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| 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
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| Purchase Discounts Lost = | interest expense
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| Sales Discounts Not Taken = | interest revenue
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| A/R, Bad Debt Expense is related to... | Exp/Losses related to Assigning or Factoring (selling)
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| What section of the Stmt of Cash Flows records NI +/- adjustments? | Operating Activities
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| Held for sale inventories defined as | Mdse Inv. or Finished Goods inventory
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| In process of production for sale inventories defined as | Work-in Progress Inv.
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| Held for use in production of goods/services to be made available for sale defined as | Raw Materials Inv.
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| Which items are included in inventory? | All items over which the company has economic control.
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| Consignment goods (do/do not) belong to the company: | do NOT
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| 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)
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| Discounts offered on (?) and Interest paid is recorded on (?) | A/P N/P
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| Which method is used when recording inventories? | Net method. Record inventory NET of discount.
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Created by:
Chelsealj
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