Company Benefits2024-02-14Accountants2024-02-14 Report a question What's wrong with this question? You cannot submit an empty report. Please add some details. 12345678910 Inventories Advanced Business English practice 10 multiple-choice questions If you log in, you will get the results via email. Category: business-advanced 1. Inventory accounting starts with the inventory on .......... record deck stock hand Category: business-advanced 2. Inventories cannot be .......... until sold, and meanwhile they are considered an asset. depleted eliminated recorded expensed Category: business-advanced 3. There are four generally accepted approaches to inventory valuation based on .......... cost. historical presumed basic physical Category: business-advanced 4. The .......... identification method records actual cost flow: each individual item and its cost must be accounted for. positive product specific total Category: business-advanced 5. The .......... average method divides the total cost of inventory items by their total number at the end of any accounting period. weighted overall standard adjustable Category: business-advanced 6. The moving average method uses an average cost for inventory items that is calculated and .......... at the time of each sale. depicted applied added decided Category: business-advanced 7. The .......... method of inventory evaluation is based on the presumption that most companies normally sell the oldest items in their inventory before they sell the newer ones. FILO FEFO LIFO FIFO Category: business-advanced 8. The .......... method is based on the presumption that the most recent stock items purchased will be the initial items sold. FEFO FILO LIFO FIFO Category: business-advanced 9. The .......... method presumes that the company will continue to keep their oldest items in inventory. FEFO FIFO FILO LIFO Category: business-advanced 10. The .......... method attempts to ensure that perishable products are sold while they are still in good condition. FEFO FILO FIFO LIFO Your score is The average score is 0% LinkedIn Facebook Twitter Restart quiz Share0