Soal latihan
A1034 Akuntansi Menengah
Pertemuan 19 s/d 22
Exercise 1
When goods are sold using a periodic inventory system:
a. inventory is credited.
b. purchase account is debited.
c. cost of goods sold is debited.
d. sales account is credited.
Under a perpetual inventory system, when goods are returned to the supplier:
a. purchase returns and allowances account is credited.
2.
b. purchase returns and allowances account is debited.
c. inventory is debited.
d. inventory is credited.
Under the gross method of recording purchase (cash) discounts, assuming a periodic
inventory system, if payment is made within the discount period:
a. inventory account is credited.
3.
b. purchase discounts is credited.
c. cash is debited.
d. accounts payable is credited.
4.
An advantage of using dollar-value LIFO is:
a. it eliminates the need to keep detailed LIFO layer information.
b. it is the most accurate in determining "actual cost".
c. results in lower taxes than other methods.
d. ignores price-level changes.
The inventory valuation rule of lower of cost or market (LCM) is related to what concept?
a. conservatism
5.
b. reliability
c. industry practice
d. materiality
The term "cost" in lower of cost or market is interpreted as meaning:
a. value assigned based on inventory cost flow assumption.
6.
b. amount actually paid for inventory.
c. amortized cost.
d. cost less normal selling cost.
Using the gross profit method, estimate the ending inventory assuming the following:
7.
a. 31,000
b. 21,000
c. 49,000
d. some other amount
Assume ending inventory is understated in year 1, then most likely:
a. beginning inventory is understated in year 2.
8.
b. ending inventory is understated in year 2.
c. ending inventory is overstated in year 2.
d. cost of goods sold is understated in year 1.
When computing cost to retail percentage for dollar-value LIFO retail method:
a. beginning inventory values are included.
9.
b. beginning inventory values are ignored.
c. only markdowns are included.
d. only markups are included.
Transactions denominated in a foreign currency would recognize a gain under which of the
following circumstances?
The US dollar is strengthening relative to the foreign currency in regards to an exposed
a. asset.
10.
The US dollar is weakening relative to the foreign currency in regards to an exposed
b. liability.
c. The US dollar is weakening relative to the foreign currency in regards to an exposed asset.
The US dollar is strengthening relative to the foreign currency in regards to a fully hedged
d. transaction.
Exercise 2
When using a periodic inventory system, the seller may not have any record of how many units
have been sold.
True
False
Work in process consists of units requiring further work before they can be sold.
2.
True
False
Goods on consignment are included in the inventory of the consignee.
3.
True
False
Cash discounts on purchases are actually interest costs.
4.
True
False
Under the average cost method of inventory valuation, the cost assigned to ending inventory
would be the same regardless of whether a periodic or perpetual system is used.
5.
True
False
The term market in lower of cost or market means replacement cost.
6.
True
False
Gross profit method can be used to estimate ending inventory only if ending inventory is
known.
7.
True
False
In general, the cost to retail percentage is applied to goods available for sale at retail in order
to estimate ending inventory.
8.
True
False
With purchase commitments, journal entries can be made if price declines between
commitment date and the purchase date.
9.
True
False
Most inventory errors reverse themselves after two years.
10.
True
False