ACC 556 ASSIST Learn by Doing/acc556assist.com ACC 556 ASSIST Learn by Doing/acc556assist.com | Page 15

What is an advantage of using the multiple-step income statement?
Question 19
Which of the following provides the best rationale regarding analysts'
views about the information value of the gross profit rate versus the
gross profit amount?
Question 20
Match the items below by entering the appropriate code letter in the
space provided.
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ACC 556 Chapter 6 Quiz (100% Score)

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Chapter 6 Quiz
Question 1
Raw materials inventories are the goods that a manufacturing
company has completed and are ready to be sold to customers.
Question 2
Goods held on consignment should be included in the consignor‘s
ending inventory
Question 3
If a company has no beginning inventory and the unit cost of
inventory items does not change during the year, the value assigned to
the ending inventory will be the same under LIFO and average cost
flow assumptions