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Free CFA-Level-I Exam Braindumps (page: 515)

Page 515 of 991
PDF with 3963 Questions

Calculating COGS under a periodic inventory system relies on which of the following?

  1. a physical count of the ending inventory
  2. an analysis of the inventory value of each sale
  3. both of these answers are correct
  4. neither of these answers is correct

Answer(s): A

Explanation:

Under the periodic inventory system, only the ending inventory is counted and priced. Cost of goods sold is determined by deducting the cost of the ending inventory from the cost of goods available for sale.



When prices are rising, which of the following inventory valuation methods produces a higher ending inventory value?

  1. LIFO
  2. FIFO
  3. None of these answers
  4. Average cost

Answer(s): B

Explanation:

When prices are rising, FIFO will produce the highest ending inventory value because the first in (lowest cost) inventory is the first out. This leaves the most recently purchased inventory on hand and since it was purchased at higher prices, it has the highest cost and ending inventory will have the greatest value.



Which of the following is/ are true?

  1. Assets = Equity + Liabilities
    II. Equity = Retained earnings + Dividends Payable
    III. Assets + Liabilities = Equity
    IV. Assets = Liabilities - Equity
  2. II & IV
  3. I only
  4. I & II
  5. III only

Answer(s): B

Explanation:

The basic accounting equation states that Assets = Liabilities + Owners' Equity.



Which of the following would have an effect on cash flow from operations?

  1. Sale of machinery for $50,000 with a net book value of $35,000.
    II. Purchase of supplies on credit.
    III. Remittance by customer in payment of goods purchased last accounting period.
    IV. Lease payment on machinery, which is accounted for as a capital lease.
  2. I, II and III
  3. I, III and IV
  4. III and IV
  5. I and III

Answer(s): C



Page 515 of 991



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