Name: Date: Score:: Property of STI
Name: Date: Score:: Property of STI
Name: Date: Score:: Property of STI
MOCK BOARD
1. Which of the following is NOT included in the definition of inventories under IAS 2 Inventories?
A. Held for sale in the ordinary course of the business
B. In the process of production for such sale
C. In the form of materials or supplies to be consumed in the production process or in rendering
of services
D. None of the above
2. Which of the following are the goods and materials on hand but not yet placed into production?
A. Raw materials
B. Work-in-process inventory
C. Finished goods inventory
D. None on the above
3. It includes cost of the unfinished product or goods still under the production process.
A. Raw materials
B. Work-in-process inventory
C. Finished goods inventory
D. None on the above
5. Which shipping term means that the title is passed to the buyer the moment the seller delivers the
goods to the common carrier who act as an agent for the buyer?
A. Free Alongside
B. Cost, Insurance, and Freight
C. FOB Shipping point
D. FOB Destination
6. Which shipping term means that the title is passed to the buyer only when he receives the goods from
the common carrier?
A. Free Alongside
B. Cost, Insurance and Freight
C. FOB Shipping point
D. FOB Destination
7. These are specially ordered and manufactured goods based on the customer’s preference.
a. Segregated goods
b. Goods under conditional sale
c. Goods sold with buyback agreement
9. It is an inventory costing method, which implies that the ending inventory comprises the latter
purchases/production made by the company.
a. Specific Identification
b. Weighted Average Method
c. LIFO Method
d. FIFO Method
10. It is the estimated selling price in the ordinary course of business less the estimated costs of completion
and the estimated costs necessary to make the sale.
a. Net realizable value
b. Historical value
c. Book value
d. Salvage value
Requirement:
Compute the cost of ending inventory, assuming that Big Rig uses:
a. Periodic system, FIFO cost method;
b. Perpetual system, FIFO cost method;
c. Periodic system, average-cost method; and
d. Perpetual system, moving-average-cost method.