balance sheet in finance

MCQsQuestion.com has 2 Question/Answers about Topic balance sheet in finance

Method of inventory recording gives lower cost of goods sold in income statement is classified as

Method of inventory recording gives lower cost of goods sold in income statement is classified as
  • A. last in first out
  • B. last out receivable
  • C. First out receivable
  • D. First in first out
  • Correct Answer: Option D

A company purchases goods but does not pay payments to suppliers immediately and record them as

A company purchases goods but does not pay payments to suppliers immediately and record them as
  • A. account payable
  • B. account receivable
  • C. current liabilities
  • D. accumulated liabilities
  • Correct Answer: Option A