ACC 304 Course Great Wisdom / tutorialrank.com ACC 304 Course Great Wisdom / tutorialrank.com | Page 46
7) Presented below the information related to Dino Radja
Company. Compute the ending inventory for Dino Radja
Company for 2011 throw 2016 using the Dollar value LIFO
method.
8) Under IFRS, an entity should initially recognize inventory
when
9) With respect to accounting of inventories, which of the
following is a difference that exists for IFRS, as opposed to U.S
GAAP?
10) Some of the transactions of Torres Company during August
are listed below. Torres uses the periodic inventory method.
11) Assuming that purchases are recorded at gross amounts and
that discounts are to be recorded when taken: prepare general
journal entries to record the transactions
12) Assuming that purchases are recorded at net amounts and
that discounts lost are treated as financial expenses: prepare
general journal entries to record the transactions
13) Assuming that purchases are recorded at net amounts and
that discounts lost are treated as financial expenses: prepare the
adjusting entry necessary on August 31 if financial statements
are to be prepared at that time.