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Author Question: The weighted average inventory cost flow method is the least used of the inventory costing methods. ... (Read 134 times)

kaid0807

  • Hero Member
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  • Posts: 515
on: Jul 5, 2018
The weighted average inventory cost flow method is the least used of the inventory costing methods.
 a. True
  b. False
 
   Indicate whether the statement is true or false

Question 2

Rent-a-Wreck, Inc. paid 12,000 cash for a one-year insurance policy on November 1, 2012. What adjustment should the company make before preparing its annual financial statements on December 31, 2012?
 
  A) Decrease Cash and increase Prepaid insurance by 2,000.
  B) Decrease Cash and recognize Insurance expense of 12,000.
  C) Decrease Prepaid insurance and recognize Insurance expense of 1,000.
  D) Decrease Prepaid insurance and recognize Insurance expense of 2,000.


nothere

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  • Posts: 324
Reply #1 on: Jul 5, 2018
Answer to Question 1

True

Answer to Question 2

D


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