Multiple Choice: Circle the letter of your choice. Make sure that your choice is

Question

Multiple 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. 1. 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 2. Goods 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

Explanation / Answer

1) The most important Accounting problem dealing with merchandise inventory is the application of which of the following conventions or rule

So answer is c) Matching

2) Goods held on consignment are

So answer is a) Kept for sale on the premises of the consignee

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