Test your knowledge of double entry bookkeeping with our costs included in inventory quiz.
In order to correctly establish the cost of inventory to be shown on the balance sheet of a business it is first necessary to understand and identify which costs are required to bring the inventory to its present location and condition ready for sale.
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Identify whether each of the following costs are included or excluded from the cost of inventory.
For each question click on an answer to reveal whether its Right! or Wrong.
Try Another Double Entry Bookkeeping Quiz
This costs included in inventory quiz is one of many of our online quizzes which are used to test your knowledge of double entry bookkeeping, discover another at the links below.
- Quiz 1: Bookkeeping Basics Quiz
- Quiz 54: Accounting Journal and Ledger Quiz
- Quiz 25: DuPont Equation Quiz
- Quiz 60: Straight Line Method of Depreciation
About the Author
Chartered accountant Michael Brown is the founder and CEO of Plan Projections. He has worked as an accountant and consultant for more than 25 years and has built financial models for all types of industries. He has been the CFO or controller of both small and medium sized companies and has run small businesses of his own. He has been a manager and an auditor with Deloitte, a big 4 accountancy firm, and holds a BSc from Loughborough University.