ACC205 Week 3 – PowerPoint & Quiz: Chapter 5
This attempt took 3 minutes.
Question 1
1 / 1 pts
FIFO stands for Fast Inventory From Overstock.
True
False
Question 2
1 / 1 pts
The inventory cost flow (FIFO/LIFO) must match the physical flow of goods.
True
False
Question 3
1 / 1 pts
A firm using the perpetual inventory system will update inventory records continually.
True
False
Question 4
1 / 1 pts
The specific identification method of inventory valuation would be ideal for a paint manufacturer.
True
False
Question 5
1 / 1 pts
The Retail inventory method is only used by service firms.
True
False
Quiz Score: 5 out of 5
