EXAM FALL $2023$ Revised $*$ Saved $vv$

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altiple Choice: Circle the letter of your choice. Make sure that your choice is clearly indicated. If there is any doubt about your choice, you will not receive credit.

Goods The most important accounting problem dealing with merchandise inventory is the application of which of the following conventions or rules?

a$.$ Materiality

b$.$ Full disclosure

c$.$ Matching

d$.$ Conservatism

held on consignment are

a$.$ Kept for sale on the premises of the consignee

b$.$ Included as part of one's ending inventory

c$.$ Owned by the consignee

d$.$ Included in the consignee's ending inventory

Which costing method assumes that the cost of the first few items acquired should be assigned to the first items sold?

a$.$ Specific identification

b$.$ FIFO

c$.$ Average$-$cost

d$.$ LIFO

$\{$ Accessibility: Good to go

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