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Chapters 1-4 The Accounting Cycle
Chapters 5-8 Current Assets
Chapters 9-11 Long-Term Assets
Chapters 12-14 Liabilities/Equities
Chapters 15-16 Using Information
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20 Managerial/Cost
Chapters 21-24 Budgeting/Decisions

Chapter 8 - Fill in the Blanks

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Question 1 of 11

1. Question
For a manufacturer, inventories can be divided into categories such as ____________ , ____________ , and ____________ .
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Question 2 of 11

2. Question
Legal ownership of inventory is dependent on freight terms, namely F.O.B. ____________ and F.O.B ____________.
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Question 3 of 11

3. Question
The ____________ is the legal owner of goods on consignment.
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Question 4 of 11

4. Question
The process of counting an inventory is called taking a ____________.
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Question 5 of 11

5. Question
____________ plus ____________ equals ____________, which can be divided into ____________ for reporting on the income statement and ____________ for reporting on the balance sheet.
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Question 6 of 11

6. Question
The ____________ method of costing inventory requires a business to identify each unit of merchandise with the unit’s cost, and retain that identification until the inventory is sold.
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Question 7 of 11

7. Question
Under the ____________ inventory method, the most recent costs incurred are assigned to cost of goods sold on the income statement.
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Question 8 of 11

8. Question
The ____________ inventory method would cause income to be the highest during a period of rising prices.
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Question 9 of 11

9. Question
____________ requires that accounting and valuation methods of application be used on a regular basis from year to year.
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Question 10 of 11

10. Question
The perpetual inventory system can be executed under the ____________ method, ____________ method, or ____________ method.
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Question 11 of 11

11. Question
Under the perpetual system, when inventory is sold, the ____________ account is debited and ____________ is credited. The ____________ account, which is used with a periodic system, is not used with the perpetual system.
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Illustrative Entries

Examples of journal entries for numerous sample transactions

Account Types

Typical financial statement accounts with debit/credit rules and disclosure conventions

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Includes financial and managerial terms

Time Value of Money

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Chapters 1-4
Chapters 5-8
Chapters 9-11
Chapters 12-14
Chapters 15-16
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20
Chapters 21-24
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