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Cost Flow Assumption Quiz

Purchase of Treasury Stock (company's own stock)

The purchase of a new delivery truck to be used in the business

A decrease in the balance of Accounts Receivable

An increase in Bonds Payable (a long-term liability)

A decrease in the current asset account Prepaid Insurance

A decrease in the current liability Income Taxes Payable

Every transaction will affect how many accounts?

The inventory cost flow assumption where the cost of the most recent purchase is matched first against sales revenues is

The inventory cost flow assumption where the cost of the most recent purchases are likely to remain in inventory

The inventory cost flow assumption where the oldest cost of inventory items is likely to remain on the balance sheet is

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