Short-Term Operating Assets Inventory Test Bank and Assessment (Inter. Account.)

Short-Term Operating Assets Inventory Test Bank and Assessment

This test bank and assessment is covering Short-Term Operating Short-Term Operating Assets Inventory Topic which is covered by Intermediate Accounting Module Students. With the help of this test bank set you will be able to assess your students on this topic. Short-Term Operating Assets Inventory Test Bank Set containing different types of questions such as:

• Multiple Choice questions;
• True/Falls questions;
• Open-ended questions;

Short-Term Operating Assets Inventory Test Bank will help you to assess following learning objectives of the students:
• Describe the types of inventory and demonstrate accounting under periodic and perpetual inventory systems.
• Discuss inventory costing, including accounting for goods in transit, consigned goods, costs included in inventory, and purchase discounts.
• Explain the need for inventory cost-flow assumptions and calculate inventory and cost of goods sold under four inventory allocation methods: specific identification; moving average; last-in, first-out (LIFO); and first-in, first-out (FIFO).
• Demonstrate an understanding of and illustrate the accounting for the LIFO reserve, the LIFO effect, and LIFO liquidations. Compute inventory and cost of goods sold using the dollar-value LIFO method.
• Explain the lower-of-cost-or-market (LCM) rule.
• Calculate inventory and cost of goods sold using the retail inventory method.
• Explain the gross profit method of estimating inventory.
• Detail required disclosures for inventory.

Short-Term Operating Assets Inventory Test Bank and Assessment Set contains 143 questions which will fully cover assessment process on this topic and will make your life easier. All answers to all questions are included which will make checking process faster.
Test bank for Short-Term Operating Assets Inventory is in the WORD format which will let you make any adjustments if required.

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