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The following information is given to u. determine the proper
inventory balance for Craig Company at December 31, 2014.
5) Prepare any correcting entries to adjust inventory to its proper
amount at December 31, 2014. Assume the books have not been
closed.
6) The net income per books of Linda Patrick Company was
determined without knowledge of the errors indicated below. Prepare
work sheet to show the adjusted net income figure for each of the 6
years after taking into account the inventory errors.
7) Presented below the information related to Dino Radja
Company. Compute the ending inventory for Dino Radja Company
for 2011 throw 2016 using the Dollar value LIFO method.
8) Under IFRS, an entity should initially recognize inventory when
9) With respect to accounting of inventories, which of the
following is a difference that exists for IFRS, as opposed to U.S
GAAP?
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)