McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Bachelor of Commerce (B Com) .
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 | |
Done Studing? Take A Test.
Great job completing your study session! Now it's time to put your knowledge to the test. Challenge yourself, see how much you've learned, and identify areas for improvement. Don’t worry, this is all part of the journey to mastery. Ready for the next step? Take a quiz to solidify what you've just studied.