简答题The main difference between perpetual and periodic inventory systems is the timing of the allocation of costs between inventory and cost of goods sold.简答题The purchases returns and allowances account usually has a debit balance.简答题Net Sales is computed as total sales revenue less sales returns and allowances less sales discounts.简答题The accounts receivable accounts in general ledger and the subsidiary accounts receivable usually have the same account number.简答题When prices are increasing, which inventory method will produce the highest cost of goods sold? A、FIFO. B、LIFO. C、Average. D、Cost of goods sold will not change.简答题When special journals are used ,the general journal can be ignored.简答题In a perpetual inventory system, when merchandise is purchased, it is debited to an account called Purchases.简答题An inventory pricing procedure in which the oldest costs incurred rarely have an effect on the ending inventory valuation is ____ A、FIFO. B、LIFO. C、base stock. D、weighted-average.简答题In a periodic inventory system, recording a sale on account involves debiting which of the following accounts? A、Only accounts receivable. B、Accounts receivable and inventory. C、Accounts receivable and cost of goods sold. D、Accounts receivable, cost of goods sold, and inventory.简答题Merchandising companies that are small and do not use a perpetual inventory system may elect to use ____ A、a physical inventory system. B、a periodic inventory system. C、an inventory shrinkage method. D、an inventory subsidiary ledger system.简答题At year-end, the perpetual inventory records of Anderson Co. indicate 60 units of a particular product in inventory, acquired at the following dates and unit costs: Purchased in August: 30 units at 700 per unit. A complete physical inventory taken at year-end indicates only 50 units of this product actually are on hand. Under the LIFO flow assumption, the cost of this item to be included as inventory in the company's year-end balance sheet is ____ A、42,000. C、37,500.简答题The Sales Returns and Allowances account is debited when ____ A、merchandise is returned to a supplier. B、merchandise is returned by a customer. C、payment is made to a supplier within the discount period. D、an account receivable is collected within the discount period.简答题Net sales is calculated by A、subtracting cost of sales from sales. B、subtracting sales returns and sales discounts from sales. C、subtracting sales returns, cost of sales, and sales discounts from sales. D、subtracting gross profit from sales.简答题All of the following accounts normally have debit balances except ____ A、Transportation-in. B、Cost of Goods Sold. C、Sales Returns & Allowances. D、Purchase Returns & Allowances.简答题The cash payments journal cannot be used to record purchases on account.简答题The cost flow assumption selected by a company must correspond to the actual physical movement of the company's merchandise.简答题Physical counts of inventory are never done with perpetual inventory systems.简答题The choice of cost flow assumption (FIFO, LIFO, or average) does not depend on the actual physical flow of the product.简答题In a periodic inventory system, the Cost of Goods Sold account may be created during the closing process by debiting Cost of Goods Sold and crediting the Beginning Inventory and the Purchases account.简答题During periods of inflation, the LIFO cost flow assumption will yield a lower inventory value than FIFO.