CFA 2026 Level I Financial Statement Analysis Inventory Free Quiz 1

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CFA 2026 Level I Financial Statement Analysis Inventory Free Quiz 1

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CFA 2026 Level I Financial Statement Analysis Inventory Free Quiz 1

Practice CFA 2026 Level I Financial Statement Analysis MCQs from Inventory. Get instant results with Explanation.

General10 MCQs

1. Under IFRS, how is inventory measured?

A. Lower of cost and net realizable value (NRV).B. Lower of cost or market (LCM).C. Fair value.D. Replacement cost.

2. Under US GAAP, how is inventory measured?

A. Lower of cost and net realizable value (NRV).B. Lower of cost or market (LCM).C. Fair value.D. Historical cost.

3. What costs are included in inventory under IFRS?

A. Purchase price only.B. Purchase price and selling costs.C. Purchase costs, conversion costs, and other costs to bring to present location and condition.D. Purchase price, administrative costs, and selling costs.

4. Which costs are excluded from inventory?

A. Conversion costs.B. Purchase costs.C. Costs to bring inventory to its present location.D. Abnormal waste and selling costs.

5. Which inventory method assumes that the earliest goods purchased are sold first?

A. First-in, first-out (FIFO)B. Last-in, first-out (LIFO)C. Weighted averageD. Specific identification

General10 MCQs

6. Which inventory method assumes that the latest goods purchased are sold first?

A. First-in, first-out (FIFO)B. Last-in, first-out (LIFO)C. Weighted averageD. Specific identification

7. Which inventory method uses an average cost for all units available for sale?

A. FIFOB. LIFOC. Weighted averageD. Specific identification

8. Which inventory method tracks the actual cost of each specific item?

A. FIFOB. LIFOC. Weighted averageD. Specific identification

9. In a period of rising prices, which inventory method results in higher net income?

A. Higher net income and higher ending inventory.B. Lower net income and lower ending inventory.C. Higher net income and lower ending inventory.D. Lower net income and higher ending inventory.

10. In a period of rising prices, which inventory method results in lower net income?

A. Higher net income and higher ending inventory.B. Lower net income and lower ending inventory.C. Higher net income and lower ending inventory.D. Lower net income and higher ending inventory.

📋 CFA - Test Online Practice Quizzes

CFA

Conducting Body: CFA Institute

Frequency: 4 times a year (February, May, August, November) | Time: 135 Minutes

Negative Marking: No

⚡ Test Pattern (Total: 90 MCQs):

Alternative Investments: 8 MCQs
Corporate Issuers: 7 MCQs
Derivatives: 5 MCQs
Economics: 7 MCQs
Equity Investments: 12 MCQs
Ethics: 16 MCQs
Financial Statement Analysis: 11 MCQs
Fixed Income: 11 MCQs
Portfolio Management: 9 MCQs
Quant Methods: 6 MCQs

Merit Formula: -

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