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multiple choice questions 12 the default inventory costing method used by sage 50 is 4301960

 

Multiple Choice Questions
 

12.The default inventory costing method used by Sage 50 is the: 
 
 

A.Average

 

B.Straight-Line

 

C.LIFO

 

D.FIFO

 

E.Double-declining

 

 

 

 

13.The LIFO (last in, first out) method of inventory assumes: 
 
 

A.The lowest amount of net loss

 

B.The highest amount of net income

 

C.Cost of sales is based on current replacement

 

D.Beginning inventory is sold first

 

E.Overall Average cost

 

 

 

 

14.Accountants recommend that you use FIFO when you desire to: 
 
 

A.Charge the most recent inventory costs against revenue

 

B.Charge costs against revenue in the order in which costs are incurred

 

C.Get the lowest net income

 

D.Get the highest net income

 

E.Obtain the highest gross profit percentage

 

 

 

 

15.You need to restore the following file to start Chapter 14: 
 
 

A.Exercise 13-1.ptb

 

B.Exercise 13-2.ptb

 

C.Chapter 13.ptb

 

D.Chapter 14.ptb

 

E.Exercise 12.ptb

 

 

 

 

16.On the Navigation Bar, make the following selections to display the Inventory Item Defaults window: 
 
 

A.Maintain; Setup Checklist

 

B.Inventory &Services Navigation Center, click on the Inventory Items icon and select Set Up Inventory Defaults

 

C.Inventory & Services Navigation Center, click on the Inventory Items icon and select New Inventory Item

 

D.Inventory & Services Navigation Center, click on the Company Services icon and select Set Up Company Service Defaults

 

E.Vendor & Purchases Navigation Center, click on Enter Bill, edit and review invoices

 

 

 

 

17.On the Navigation Bar, make the following selections to enter inventory item maintenance information: 
 
 

A.Inventory & Services Navigation Center, click on the Inventory Items icon, select View and Edit Inventory items and record inventory information

 

B.Vendors & Purchases Navigation Center, click on the Purchase Orders icon, select New Purchase Orders and record inventory information

 

C.Inventory & Services Navigation Center, click on the Inventory Items icon, select New Inventory Item and record inventory information

 

D.Maintain; Defaults, Inventory Items, record inventory information

 

E.Vendor & Purchases; select Pay Bills, New Bill

 

 

 

 

18.The Inventory Profitability Report shows the following: 
 
 

A.Gross profit percentage

 

B.Reorder amount

 

C.Net income

 

D.Net loss

 

E.All the assets purchased by the company

 

 

 

19.All goods owned by the business and held for sale are called: 
 
 

A.Quantities

 

B.Assets

 

C.Liabilities

 

D.Merchandise inventory

 

E.Fixed assets

 

 

 

 

20.This inventory method yields the lowest amount of net income in periods of rising cost: 
 
 

A.FIFO

 

B.Average

 

C.LIFO

 

D.Double-declining balance

 

E.Straight-line

 

 

 

 

 

 

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