I Only Want The Correct Option in these MCQs can u please help me 46. In periods of rising prices, LIFO will produce:a. higher net income than FIFO.b. the same net income as FIFO.c. lower net income than FIFO.d. higher net income than average costing.47. Factors that affect the selection of an inventory costing method do not include:a. tax effects.b. balance sheet effects.c. income statement effects.d. perpetual vs. periodic inventory system.48. Rickety Company purchased 1,000 widgets and has 200 widgets in its ending inventory at acost of $91 each and a current replacement cost of $80 each. The ending inventory under lower-of-cost-or-market is:a. $91,000b. $80,000c. $18,200d. $16,00049. Which is an error of omission?a. No entries have been made for the purchase of stationery by cheque.b. Purchase of stationery has been entered only in the cash book.c. Purchase of stationery has been entered only in the stationery account.d. The stationery account has been omitted from the trial balance.50. Liam rents premises from Gavin. In March Liam paid the rent in advance for April and May.How would the balance on 1 April appear in their ledgers?Liam's ledgerrent payable accountGavin's ledgerrent receivable accountAas a credit balanceas a credit balanceas a credit balanceas a debit balanceas a debit balanceas a credit balanceDas a debit balanceas a debit balance12 51. Harold Company overstated its inventory by $15,000 at December 31, 2011. It did notcorrect the error in 2011 or 2012. As a result, Harold's owner's equity was:a. overstated at December 31, 2011, and understated at December 31, 2012.b. overstated at December 31, 2011, and properly stated at December 31, 2012.c. understated at December 31, 2011, and understated at December 31, 2012.d. overstated at December 31, 2011, and overstated at December 31, 2012.52. Songbird Company has sales of $150,000 and cost of goods available for sale of $135,000. Ifthe gross profit rate is 30%, the estimated cost of the ending inventory under the gross profitmethod is:a. $15,000b. $30,000c. $45,000d. $75,000.53. In a bank reconciliation, deposits in transit are:a. deducted from the book balance.b. added to the book balance.c. added to the bank balance.d. deducted from the bank balance54. The reconciling item in a bank reconciliation that will result in an adjusting entry by thedepositor is:a. outstanding checksb. deposit in transit.c. a bank error.d. bank service charges55. Which of the following statements correctly describes the reporting of cash?a. Cash cannot be combined with cash equivalents.b. Restricted cash funds may be combined with Cash.c. Cash is listed first in the current assets section.d. Restricted cash funds cannot be reported as a current asset.13

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Answered: 46. In periods of rising prices, LIFO…

46. In periods of rising prices, LIFO will produce: a. higher net income than FIFO. b. the same net income as FIFO. c. lower net income than FIFO. d. higher net income than average costing.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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