ACC 304 Week 2 Chapter 8 Quiz ( All Possible Questions )
10 ) Some of the transactions of Torres Company during August are listed below . Torres uses the periodic inventory method .
11 ) Assuming that purchases are recorded at gross amounts and that discounts are to be recorded when taken : prepare general journal entries to record the transactions
12 ) Assuming that purchases are recorded at net amounts and that discounts lost are treated as financial expenses : prepare general journal entries to record the transactions
13 ) Assuming that purchases are recorded at net amounts and that discounts lost are treated as financial expenses : prepare the adjusting entry necessary on August 31 if financial statements are to be prepared at that time .
14 ) Under IFRS , which of the following would be included in the cost of inventories ?
15 ) Under IFRS , inventories are classified as
16 ) Which of the following best describes the IFRS requirement for applying the same cost formula to all inventories ?
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ACC 304 Week 2 Chapter 8 Quiz ( All Possible Questions )
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ACC 304 Week 2 Quiz – Strayer NEW