Merchandise list is share on the balance sheet as aa. Present assetb. Irreversible assetc. Existing liabilityd. Permanent liability

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The inventory system employing accountancy records that repeatedly disclose the quantity of perform is calleda. Perpetualb. Physicalc. Retaild. Periodic
Using a perpetual inventory system, the entry to record the return indigenous a customer of merchandise offered on account contains aa. Debit come Cashb. Credit transaction to client Refunds Payablec. Debit come Merchandise Inventoryd. Credit to goods Inventory
The arrangements in between buyer and also seller regarding when payments because that merchandise are to it is in made room calleda. Cash ~ above demandb. Credit termsc. Gross cashd. Network cash
Which the the adhering to accounts has actually a regular credit balance?a. Merchandise Inventoryb. Shipment Expensec. Account Receivabled. Sales
Using a perpetual perform system, the entry to record the return the merchandise purchase on account includes aa. Credit transaction to account Payableb. Credit transaction to goods Inventoryc. Debit to cost of goods Soldd. Credit to Sales
The amount of the full cash payment to the seller because that merchandise purchased for usage would usually includea. The list price add to the sales taxb. Just the perform pricec. Only the sales taxd. The list price less the sales tax
If the seller is to salary the freight expenses of moving merchandise, the shipment terms are declared asa. FOB shipping pointb. FOB sellerc. FOB n/30d. FOB destination
Taking benefit of a 2/10, n/30 to buy discount is same to a yearly savings price of approximatelya. 36%b. 24%c. 2%d. 20%
Who is responsible because that the freight cost when the terms space FOB destination?a. One of two people the buyer or the sellerb. The customerc. The buyerd. The seller
Under a perpetual list system, the amount of each form of was on hand is easily accessible in thea. Acquisition ledgerb. Customer"s ledgerc. List ledgerd. Creditor"s ledger
The main objectives of control over perform area. Reporting inventory in the financial statements and taking a physical inventoryb. Safeguarding the inventory native damage and maintaining constant observation the the inventoryc. Safeguarding inventory from damage and reporting perform in the gaue won statementsd. Maintaining consistent observation of the inventory and reporting inventory in the financial statements
Control of inventory should begin as soon as the perform is ordered. I m sorry of the adhering to internal control steps is no done to satisfy this goal?a. Check the invoice to the receiving reportb. Examine the invoice to the purchase orderc. Examine the invoice v the human who especially purchased the itemd. Inspect the invoice because that mathematical accuracy
Which paper establishes an initial record of the receipt the inventory?a. Receiving reportb. Vendor"s invoicec. Purchase orderd. Petty cash voucher
When merchandise marketed is presume to be in the stimulate in which the purchases were made, the agency is using
When using a perpetual perform system, the journal entry to record the cost of Merchandise offered is
Boxwood firm sells blankets for $60 each. The adhering to was taken indigenous the list records during May. The agency had no beginning inventory on may 1. Date Blankets devices CostMay 3 purchase 5 $2010 sale 3 17 acquisition 10 2420 revenue 6 23 sale 3 30 purchase 10 30Assuming that the firm uses the perpetual list system, recognize the cost of merchandise marketed for the sale of may 20 making use of the LIFO inventory cost method.
Cost the Merchandise offered for sale of may 20 using LIFO = 6 units (at $24 from might 17 purchase) = $144



Intermediate Accounting, Binder ready Version16th EditionDonald E. Kieso, Jerry J. Weygandt, terry D. Warfield

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