McqMate
Chapters
| 201. |
Weighted average method is a generally accepted accounting principle? |
| A. | True |
| B. | False |
| C. | none |
| D. | none |
| Answer» A. True | |
| 202. |
If WIP opening stock is 10,000 units, work done in the period is 13,000 and WIP closing stock is 5,000 units. The equivalent completed unit during the period is: |
| A. | 19,000n |
| B. | 18,000 |
| C. | 17,000 |
| D. | none |
| Answer» B. 18,000 | |
| 203. |
US GAAP allows FIFO, LIFO and Weighted average method to value stock? |
| A. | True |
| B. | False |
| C. | all |
| D. | none |
| Answer» A. True | |
| 204. |
Weighted average method for inventory is permissible in: |
| A. | IFRS only |
| B. | US GAAP only |
| C. | IFRS & US GAAP Both |
| D. | none |
| Answer» B. US GAAP only | |
| 205. |
Weighted average method is same as: |
| A. | Specific identification method |
| B. | LIFO |
| C. | FIFO |
| D. | None of the above |
| Answer» D. None of the above | |
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