Question Details

Items not yet placed into production 


1.	Inventories affect
a.	only the statement of financial position.
b.	only the income statement.
c.	both the statement of financial position and the income statement.
d.	neither the statement of financial position nor the income statement.
	2.	Merchandise inventory is
a.	reported under the classification of Property, Plant, and Equipment on the statement of financial position.
b.	often reported as a miscellaneous expense on the income statement.
c.	reported as a current asset on the statement of financial position.
d.	generally valued at the price for which the goods can be sold.
	3.	Items not yet placed into production are considered to be
a.	raw materials.
b.	work in process.
c.	finished goods.
d.	merchandise inventory.
	4.	In a manufacturing business, inventory that is ready for sale is called
a.	raw materials inventory.
b.	work in process inventory.
c.	finished goods inventory.
d.	store supplies inventory.
	5.	The factor which determines whether or not goods should be included in a physical count of inventory is
a.	physical possession.
b.	legal title.
c.	management's judgment.
d.	whether or not the purchase price has been paid.




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