odesk Inventory Management Test

  In this computerized  age every company try to minimize their cost of their organization .. so the task was manually done done its done by software .. so there need skilled to manage web based inventory management. if you think you are skilled enough this type task then you need to pass test of Inventory Management

 

 

The __________ is the difference between the cost of goods sold based on replacement cost and the cost of goods sold based on acquisition cost.

a. operating margin

b. realized holding gain

c. unrealized holding gain

d. gross margin

Which of the following is NOT a characteristic of the use of current value bases to determine inventory values and cost of goods sold?

a. Current value basis shows current information that can be more useful.

b. The information is generally easier to obtain.

c. The information may be difficult to audit.

d. None of the above

The difference between the current replacement cost of the ending inventory and its acquisition cost is the ____________.

a. cost of goods sold

b. actual cost

c. average cost

d. unrealized holding gain

Which of the following is NOT a factor when applying the lower of the cost method or the market valuation method?

a. Replacement cost

b. Net realizable value

c. Standard cost

d. Acquisition cost

Which of the following is not a period expense?

a. Salary of the vice president of sales

b. Salaries of factory custodial employees

c. Salaries of administrative clerical personnel

d. Salaries of employees who deliver the finished product to customers

Which of the following concepts states that if a firm uses a LIFO assumption in its income tax return, it must also use LIFO in its financial reports to shareholders?

a. FIFO rule

b. IRS tax code

c. LIFO conformity rule

d. GAAP

Which of the following concepts states that gains (or losses) caused by increases (or decreases) in the market value of assets should not appear in the income until a firm sells the particular assets?

a. Net income concept

b. Weighted average

c. LIFO

d. Realization convention

Which of the following inventory cost flow assumptions is physically appropriate for liquid or other types of products for which distinguishing different lots is difficult?

a. Specific cost

b. Weighted average method

c. Depletion

d. Lot costing

Which of the following is NOT an example of distressed inventory?

a. Food with an expiration date that has passed

b. Two-year-old cell phones

c. Automobile tires

d. Daily newspaper

The procedure in which a manufacturing firm includes all production costs as a cost of the product is called ____________.

a. standard costing

b. full absorption costing

c. average costing

d. weighted costing

The term "safety stock" ___________.

a. refers to the minimum stock that a firm must have on hand

b. is the same as JIT Inventory

c. refers to a "buffer stock" that is kept on hand so the firm does not run out of an item if there is an increase in demand

d. refers to the inventory of safety-related items

Standard cost levels are typically set ____________.

a. annually

b. daily

c. monthly

d. every decade

The difference between the selling price of an item and its replacement cost at the time of sale is the ____________.

a. cost of goods sold

b. net income

c. operating expense

d. operating margin

The term "indirect costs" refers to ____________.

a. costs not directly incurred in the manufacturing process but which are necessary for the operation

b. costs with no specific amount

c. materials costs

d. finished goods

Which of the following terms sometimes denotes the realized holding gain on inventory?

a. COGS

b. FIFO

c. LIFO

d. Inventory profit

Variable costing (direct costing) is acceptable for use in determining inventory cost by ____________.

a. the Financial Accounting Standards Board

b. the Internal Revenue Service

c. either a or b

d. neither a nor b

Partially completed products in the factory are called ____________ .

a. work in process

b. finished goods

c. cost of goods sold

d. raw materials

If the _________ is used for income tax purposes, the Internal Revenue Service requires its use for income determination for financial reports to owners.

a. FIFO method

b. LIFO method

c. Weighted average method

d. Replacement cost method

The primary benefit of cycle counting is that ____________.

a. it's less work than an annual count

b. the IRS prefers it

c. it eliminates the need for a year-end count of the entire inventory

d. it results in higher net income

Losses from inventory due to theft, evaporation, and waste are called __________.

a. average cost

b. realization

c. shrinkage

d. costing

The difference between cost of goods sold based on replacement cost and cost of goods sold based on acquisition cost is the ____________.

a. cost of goods sold

b. realized holding gain

c. net income

d. operating expense

Which of the following is a predetermined estimate of what each item of manufactured inventory should cost based on past cost and planned production methods?

a. Standard cost

b. Average cost

c. LIFO

d. FIFO

Which of the following inventory methods typically results in a lower net income?

a. LIFO

b. Average cost

c. FIFO

d. Standard cost

The term "economy of scale" refers to ____________.

a. economic equilibrium

b. the lower per-unit costs that result from buying in bulk

c. a measuring tool for goods with mass

d. the optimal order quantity

Which of the following cost flow assumptions assigns the costs of the earliest units acquired to the withdrawals, and the costs of the most recent acquisitions to the ending inventory?

a. FIFO

b. LIFO

c. Average costing

d. Weighted costing

A stock of goods owned by a firm and held for sale to customers is called __________.

a. cost of goods sold

b. FIFO

c. inventory

d. LIFO

Which of the following inventory systems is designed so that the cost of withdrawals is recorded at the time assets are withdrawn from inventory?

a. Periodic inventory system

b. Perpetual inventory system

c. LIFO

d. FIFO

The Cost of Goods Sold can be defined as ______________.

a. Beginning Inventory + Inventory Purchases + Costs of Production - Ending Inventory = COGS

b. Ending Inventory = COGS

c. Beginning Inventory = COGS

d. Inventory Purchases = COGS

For an auto manufacturer, steel would be considered ______________.

a. COGS

b. WIP

c. a finished good

d. a raw material

Which of the following is the contra account title used to record discounts for early payments for merchandise?

a. Purchase discounts

b. Accounts receivable discounts

c. Trade discounts

d. Cost of goods sold

Which of the following is the correct sequence of cost flows for a manufacturing firm?

a. Work in Process, Finished Goods, Cost of Goods Sold, Raw Materials

b. Raw Materials, Work in Process, Finished Goods, Cost of Goods Sold

c. Cost of Goods Sold, Raw Materials, Work in Process, Finished Goods

d. Finished Goods, Work in Process, Raw Materials, Cost of Goods Sold

The selling price less the cost of marketing equals the ____________.

a. net income

b. operating expense

c. net realizable value

d. cash flow

Under which of the following cost flow assumptions does the income statement report out-of-date cost of goods sold?

a. FIFO method

b. LIFO method

c. Weighted average method

d. Replacement cost method

The __________ is the estimated selling price of the inventory less any estimated costs for making the item ready for sale and actually selling it.

a. replacement cost

b. standard cost

c. net realizable value

d. market selling value

The portion of merchandise that is available for sale or use and that is allocated to the current period's usage is called the ____________.

a. total inventory

b. raw materials

c. cost of goods sold

d. finished goods

Conventionally, accountants refer to the difference between sales and cost of goods sold as the ___________.

a. operating margin

b. realized holding gain

c. unrealized holding gain

d. gross margin

The term "JIT Inventory" means ___________.

a. Just Info Technology Inventory

b. Just In Time Inventory

c. Juice Is Tasty Inventory

d. Job Info Tech Inventory

FIFO refers to the cost of the units sold. The parallel description for ending inventory is ___________.

a. LIFO

b. specific cost

c. average cost

d. LISH

No entry is made for withdrawals from inventory until the end of the period under which of the following systems?

a. Perpetual inventory system

b. Periodic inventory system

c. Cash flow system

d. JIT inventory system

Which of the following is the correct equation for determining the cost of goods sold?

a. Beginning Inventory - Purchases + Ending Inventory = Cost of Goods Sold

b. Beginning Inventory + Purchases - Ending Inventory = Cost of Goods Sold

c. Beginning Inventory + Purchases + Ending Inventory = Cost of Goods Sold

d. None of the above

oDesk Operations Management Test Answer

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Which of the following statements is/are true?

i) A manufacturing organization's responsibility for its product ceases once it has been delivered to a retailer.
ii) 'Service integration' refers to organizations forming partnerships to link their services.

a. Both (i) and (ii) are true.

b. Only (i) is true.

c. Only (ii) is true.

d. Neither is true.

What does the term 'kaizen' refer to?

a. Continuous improvement

b. Introducing a flatter management structure

c. Work ethics

d. Up-skilling employees

Which of the following refers to an approach to reducing production costs developed by Toyota?

a. Raw production

b. Lean production

c. Base production

d. Mass production

A 'balanced ________' is a tool for evaluating organisational performance across the full range of factors.

a. scorecard.

b. ledger.

c. matrix.

d. healthcheck.

If a company is commissioned to build a bridge, it will use computer modeling as part of the design process. Which of the following would be benefits of computer modeling in this scenario?

i) It is cheaper than building physical models.
ii) It allows parameters to be rapidly adjusted and tested.
iii) It guarantees that the finished product will perform as intended.

a. None of the above

b. i only

c. ii only

d. iii only

e. i and ii only

f. i and iii only

g. ii and iii only

h. All of the above

A company with 12 employees used to produce 600 units per week. Now with 16 employees, it produces 960 units per week.  How much has each employee's productivity increased?

a. 10%

b. 15%

c. 20%

d. 25%

What does the term 'distribution chain' refer to?

a. A way of organizing staff to make distribution more effective.

b. A series of organizations involved in taking a product from the manufacturer to the consumer.

c. The retail outlets at which a product is sold.

d. A factor that hinders distribution.

Which of the following is NOT a reason for selling products via wholesalers?

a. Higher prices can be charged by doing so than by selling directly to consumers.

b. Transport costs for the manufacturer are reduced.

c. The wholesalers have greater sales expertise.

d. The manufacturer does not have to store unsold stock.

Which of the following initiatives would a company expect to reduce its defect rate?

i) Increased training of staff
ii) Introducing simultaneous engineering

a. Both (i) and (ii)

b. Only (i)

c. Only (ii)

d. Neither (i) nor (ii)

A situation where there is one intermediary organization between the manufacturer and the consumer is known as:

a. three-level channel

b. two-level channel

c. one-level channel

d. zero-level channel

Which one of the Maslow's hierarchy of needs would primarily be addressed by introducing 'team-based management'?

a. Physiological

b. Social/belonging

c. Security

d. Self-actualization

Which of the following elements of 'marketing mix' relates to distribution?

a. Product

b. Place

c. Pricing

d. Promotion

Which of the following is NOT characteristic of a primary industry?

a. Products tend to be sold directly to consumers.

b. It often has a significant impact on the local environment.

c. A low percentage of people in developed countries tend to be engaged in it.

d. Productivity can be dramatically increased through mechanization.

Which of these is NOT generally associated with a 'Just-In-Time' approach to production?

a. Reduced motivation among workers.

b. Reduced storage costs.

c. Improved cash flow.

d. Increased vulnerability to the reliability of suppliers.

If a company invests in new equipment to make its production process more efficient, which of the following will be considered 'opportunity costs'?

i) The cost of the new equipment.
ii) The anticipated additional revenue.
iii) The alternative improvements for which the capital might have been used.
iv) The interest that could have been earned on the capital.

a. i and ii only

b. i and iii only

c. i and iv only

d. ii and iii only

e. ii and iv only

f. iii and iv only

A factory currently produces 1000 units at a unit cost of $3. If doubling output will decrease production costs by 20%, how much would it cost to produce 2000 units then?

a. $4,800

b. $6,000

c. $5,000

d. $5,200

Which of the following describes the term 'time-based management'?

a. Monitoring staff productivity with a stop-watch.

b. Using IT-based tools to manage diaries.

c. Prioritizing schedule above cost and quality.

d. Reducing the time taken to develop, launch and manufacture a product.

Which of the following is NOT part of the role of an industrial engineer?

a. Making processes more efficient.

b. Improving the consistency of manufacturing quality.

c. Making products easier to manufacture.

d. Monitoring productivity

A 'Just-In-Time' approach to production involves ________.

a. closely monitoring the employees' hours.

b. faster delivery of products to customers.

c. minimising the amount of unused stock.

d. prioritising 'schedule' above other variables.

Which of the following is an alternative term for the 'Scalar Principle'?

a. Chain of Command

b. Personal ability

c. Unity of Command

d. Span of Control

e. Unity of Direction

Which of the following statements is/are true?

i) 'Job' production is associated with low unit costs.
ii) 'Job' production permits customers to request a particular specification.

a. Both (i) and (ii) are true.

b. Only (i) is true.

c. Only (ii) is true.

d. Neither is true.

Which of the following products would be most suited to transportation by an airplane?

a. Canned goods

b. Mail

c. Electrical items

d. Books

Which of the following statements is/are true?

i ) Prototypes should be constructed using the same manufacturing processes as are intended for the final product.
ii) The cost of producing a prototype will generally be higher than the unit cost of the final product.

a. Both (i) and (ii) are true.

b. Only (i) is true.

c. Only (ii) is true.

d. Neither is true.

A factory can produce 1000 units per day but has only been able to produce 800 units due to a lack of skilled staff.  What will its capacity utilization be after a 10% productivity increase?

a. 880 units

b. 900 units

c. 960 units

d. 88%

e. 90%

f. 96%

Which of the following is a potential problem /are potential problems associated with benchmarking?

i) It leads to increased production costs.
ii) Necessary information is difficult to obtain.
iii) Organizations may not be directly comparable.

a. None of the above

b. i only

c. ii only

d. iii only

e. i and ii only

f. i and iii only

g. ii and iii only

h. All of the above

For targets to be effective, they should be 'SMART'.  Which of the following is not part of the acronym 'SMART'?

a. Specific

b. Measurable

c. Achievable

d. Rigid

e. Time-bound

f. They are all parts of the acronym.

Who developed the fourteen key principles for transforming business effectiveness?

a. W. Edwards Deming

b. Frederick Winslow Taylor

c. Walter Shewhart

d. Malcolm Baldridge

e. Woodrow Wilson

Which of the following statements is/are true?

i) The 'Six Sigma' methodology developed by Motorola is about reducing time to market.
ii) The 'Capability Maturity Model' relates specifically to software engineering.

a. Both (i) and (ii) are true.    

b. Only (i) is true.

c. Only (ii) is true.

d. Neither is true.

Which of the following is/are a reason/reasons for undertaking 'reverse engineering'?

i) To check that a product functions properly.
ii) To determine interoperability.
iii) To examine rival products.

a. None of the above

b. i only

c. ii only

d. iii only

e. i and ii only

f. i and iii only

g. ii and iii only

h. All of the above

Which of the following statements is/are true?

i) A capital intensive production process is one that involves a relatively-high proportion of labor.
ii) Training staff can be an effective method of boosting productivity.

a. Both (i) and (ii) are true.

b. Only (i) is true.

c. Only (ii) is true.

d. Neither is true.

Which two of the following are used to calculate an 'efficiency ratio'?

i) profit margin
ii) expenses
iii) output
iv)revenue

a. i and ii only

b. i and iii only

c. i and iv only

d. ii and iii only

e. ii and iv only

f. iii and iv only

What is the correct expansion of the acronym KPI?

a. Kinds of Product Information

b. Key Performance Indicator

c. Keen Productivity Implementation

d. Keeping People Interested

What process would a design engineer use to ensure a product meets the user's specifications?

a. Stakeholder Mapping

b. Customer Relationship Management

c. Product Attribute Verification

d. Requirements Management

Organizations often outsource elements of their operations in order to improve profitability. Which of the following activities may NOT be outsourced ?

a. Marketing

b. Project management

c. Human Resources

d. Core business

e. Sales

Which of the following is/are typically qualitative measures?

i) Profit margin
ii) Oral customer feedback
iii) Share price

a. None of the above

b. i only

c. ii only

d. iii only

e. i and ii only

f. i and iii only

g. ii and iii only

h. All of the above

Which of the following is/are a disadvantage/disadvantages of gaining a quality award?

i) Loss of administrative time required to prepare and apply for certification.
ii) Increased requirement for record-keeping.
iii) Decreased brand image with customers.

a. None of the above

b. i only

c. ii only

d. iii only

e. i and ii only

f. i and iii only

g. ii and iii only

h. All of the above

What is reducing the number of levels within an organization's hierarchy  known as?

a. Smoothing

b. Delayering

c. De-verticalization

d. Simplifying

Which of the following statements is/are correct?

i) 'Time and Motion' studies seek to improve a process by increasing the number of steps involved.
ii) Decisions should be made only on the basis of quantitative data.

a. Both (i) and (ii) are true.

b. Only (i) is true.

c. Only (ii) is true.

d. Neither is true.

Which of the following is the best characterization of a decentralized organization?

a. The staff are no longer managed.

b. The staff work unsupervised.

c. The staff enjoy significant discretion.

d. The staff are permitted only limited discretion.

e. The staff do not have any discretion.

Which of the following terms relates to ensuring that different elements of product development are undertaken at the same time rather than consecutively?

a. 'Just-in-time' production

b. 'Lean production'

c. 'Simultaneous engineering'

d. 'Concurrent development'

odesk General Financial Accounting Test Answer

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he balance in the _______ account is the amount owed to the company by its customers.

a. Equity

b. Accounts Receivable

c. Cash

d. Accounts Payable

At the beginning of the year, XYZ Company reported a $7,200 balance in its Prepaid Insurance account. At year end, the company reported Insurance Expense of $9,000 in its Income Statement and a balance of $3,800 in the Prepaid Insurance account. What was the cost of the additional insurance that was purchased during the year?

a. $9,000

b. $12,400

c. $5,600

d. $12,800

XYZ Company has assets and liabilities of $15,000 and $12,000, respectively. If the company issues an additional $1,500 of stock for cash, what will be the balance in shareholders' equity following the transaction?

a. $15,000

b. $25,500

c. $4,500

d. $16,500

Firms may prepare reports of performance ____________.

a. using the calendar year as the accounting period

b. using a natural business year as the accounting period

c. for interim periods

d. All the above are correct in the appropriate circumstances.

Which of the following options would NOT be classified as a current liability account?

a. Accounts Payable

b. Interest Payable

c. Rent Received in Advance

d. All of the above are current liability accounts

Which of the following accounts is not closed during the closing process?

a. Wage Expense

b. Interest Expense

c. Utility Expense

d. Accumulated Depreciation

Which of the following is a permanent account?

a. Accumulated Depreciation

b. Advances from Customers

c. Both a and b

d. Neither a nor b

Which of the following is NOT an account title for liabilities?

a. Advances to suppliers

b. Advances from tenants

c. Rent received in advance

d. Advances from customers

On December 31 of Year 1, XYZ Company reported total shareholders' equity of $225,000, of which $180,000 represented contributed capital. If revenues, expenses, and dividends during Year 2 were $500,000, $420,000, and $30,000 respectively - and the total shareholders' equity is $290,000 on December 31 of Year 2 - how much additional capital was contributed by shareholders?

a. $15,000

b. $40,000

c. $65,000

d. $205,000

During the year, XYZ Company's inventory account balance increased from $26,000 to $31,500. During the year, the company made payments totaling $152,500 to creditors for inventory purchases and reported Cost of Goods Sold of $159,500 on its Income Statement. How much inventory was purchased during the year?

a. $165,000

b. $158,000

c. $152,500

d. $159,500

XYZ Company completed its second year of operations in Year 2. On January 1 of Year 2, the balance in Retained Earnings was $84,000. During the year, the company declared and paid a dividend of $65,000 to shareholders. The company reported net earnings of $105,000 in its Year 2 Income Statement. What was the balance in Retained Earnings on December 31 of Year 2?

a. $189,000

b. $170,000

c. $149,000

d. $124,000

Which of the following accounts would NOT appear on a corporation's Balance Sheet?

a. Owner Investment

b. Retained Earnings

c. Investment in ABC Stock

d. Premium on Common Stock

Stocks and bonds that can be readily converted into cash are called ____________.

a. Current Assets

b. Current Liabilities

c. Marketable Securities

d. Treasury Stock

Which of the following accounts is NOT a temporary account that should be closed during the closing process?

a. Prepaid Insurance

b. Cost of Goods Sold

c. Sales Revenue

d. Depreciation

In preparing its year-end adjusting entries, XYZ Company neglected to adjust prepaid insurance for the amount of insurance expired during Year 1. Which of the following reflects the result of this error?

a. Year 1 net income is understated, the balance in retained earnings is understated, and assets are understated.

b. Year 1 net income is overstated, the balance in retained earnings is overstated, and assets are correctly stated.

c. Year 1 net income is overstated, the balance in retained earnings is overstated, and assets are overstated.

d. None of the above

Amounts received for the par value of a firm's voting stock are called ___________.

a. Common Stock

b. Accounts Receivable

c. Preferred Stock

d. Retained Earnings

Amounts borrowed by a business for a relatively long period of time under a formal written contract or indenture are called ____________.

a. Unsecured Loans

b. Current Liabilities

c. Bonds Payable

d. Cash

The normal balances in Depreciation Expense and its related Accumulated Depreciation accounts are ____________.

a. debit and credit respectively

b. credit and debit respectively

c. Both are debit

d. Both are credit

The process of transferring entries in the general journal to the accounts in the general ledger is called ___________.

a. posting

b. journalizing

c. financial reporting

d. taxation

Which of the following liabilities would be accounted for at the present value of future cash payments?

a. Accounts Payable

b. Bonds Payable

c. Income Taxes Payable

d. Advances from Customers

________ refers to shares originally issued and outstanding that have been reacquired from the owners.

a. Treasury Stock

b. Common Stock

c. Preferred Stock

d. Retained Earnings

XYZ Company purchased some equipment for $120,000 on July 1 of Year 1. The equipment has an estimated useful life of 10 years and an estimated salvage value of $7,500. XYZ Company computes depreciation on a straight-line basis. How much depreciation should be recorded for Year 1?

a. $12,000

b. $11,250

c. $6,000

d. $5,625

Ms. Brown is an attorney who collects a retainer fee from all of her new clients. At the beginning of the year, the Unearned Retainer Fee account had a balance of $24,000. Ms. Brown collected additional retainer fees totaling $94,000 from her clients during the year. Her year-end Balance Sheet reports a $16,000 balance in the Unearned Retainer Fee account. How much of the retainer fees were earned by Ms. Brown during the year?

a. $108,000

b. $110,000

c. $86,000

d. $102,000

Different balance sheet items employ different valuation methods. Which of the following valuation applications is NOT generally accepted?

a. A major line of inventory has increased in value substantially above its cost and has been restated to its current replacement cost

b. Machinery is stated at its historical cost less the estimated amount of benefits consumed to date

c. Cash is received for goods to be delivered next month; the cost of goods to be delivered

d. Common stock is stated at the amount at which it was originally sold

A debit balance is normal for all of the following accounts except ___________.

a. Preferred Stock

b. Treasury Shares

c. Investment in Stock

d. All of the above

A trial balance prepared at the end of the accounting period after adjusting entries are made is called a/an ____________.

a. Pre-Adjustment Trial Balance

b. Prior Year Trial Balance

c. Adjusted Trial Balance

d. Balance Sheet

A right granted to an individual or company that excludes others from manufacturing, using, or selling a certain process or device is called a __________.

a. liability

b. trademark

c. tax liability

d. patent

A trial balance that shows revenue and expense accounts with zero balances and balance sheet accounts at the end of the period is called a ___________.

a. Balance Sheet

b. Pre-Closing Trial Balance

c. Post-Closing Trial Balance

d. Income Statement

Temporary revenue and expense accounts may be closed ___________.

a. individually by separate entries to Retained Earnings

b. in a single entry to Retained Earnings

c. to a temporary "Income Summary" account

d. Any of the above methods is acceptable.

Which of the following would cause the accounting equation to be out of balance?

a. Recording a purchase on account at the wrong amount

b. Recording a 2007 purchase in 2008

c. Posting the credit for a cash purchase at the wrong amount

d. All of the above

Which of the following transactions would NOT result in revenue being reported?

a. Sale of merchandise for cash

b. Sale of merchandise on account

c. Collection of an account receivable

d. All of the above

_________ is the financial obligation of a company in regards to a loan that accrues with the passage of time.

a. Interest Payable

b. Income Tax Payable

c. Income Tax Expense

d. Accounts Payable

Goods on hand that have been purchased for resale are called ___________.

a. cash

b. COGS

c. assets

d. inventory

The concept of present value ____________.

a. can be simply defined as today's value of a stream of future cash flows

b. implies that the value of receiving cash today will be less than the value of receiving it in the future

c. is employed extensively in the valuation of assets under current generally accepted accounting practices

d. determines the minimum amount that a buyer would be willing to pay for an asset

A manufacturing firm's cost of producing its product is called ____________.

a. direct labor

b. product costs

c. indirect labor

d. overhead

A residual claim of owners having certain preferences relative to other owners' claims is called __________.

a. Treasury Stock

b. Retained Earnings

c. Preferred Stock

d. Common Stock

XYZ Company has just completed its first year of operations in Year 1. The company distributed dividends of $50,000. If the ending balance of Retained Earnings on December 31 of Year 1 is $70,000, and the company had revenues of $400,000 from Year 1 sales, then what is the total of the company's Year 1 expenses?

a. $350,000

b. $330,000

c. $280,000

d. None of the above

Unused materials for manufacturing products are called __________.

a. COGS

b. Accounts Receivable

c. depreciation

d. inventory

Insurance premiums paid for future coverage are called ___________.

a. Deferred Income

b. Deferred Income taxes

c. Prepaid Insurance

d. Unearned Revenue

Amounts owed for goods or services acquired under an informal credit agreement are called __________.

a. Accounts Payable

b. Notes Payable

c. Money Market Funds

d. Common Stock