1. Land, buildings, furniture and computers are included in (a) Current assets (b) Fixed assets (c) Cash (d) Inventory (e) None of these 2. In the periodic inventory system, the change in inventories...

1. Land, buildings, furniture and computers are included in (a) Current assets (b) Fixed assets (c) Cash (d) Inventory (e) None of these

2. In the periodic inventory system, the change in inventories of raw materials is equal to (a) Beginning inventory minus Ending inventory (b) Ending inventory minus Beginning inventory (c) (Beginning inventory þ Ending inventory)/2 (d) None of these