VitalSource Practice Quiz 10

I need correct solution for correct answer with question is solution

Problem 2 Complete the chart. Two rows have been completed for you as examples Tip: Some of these accounts are discussed in Chapters 7 & 8, and you can find them on the Sample General Ledger Accounts table at the back of your book (also available in the e-text). Accounting Equation Normal Financial Financial Statement Temporary Closed /Not Account Title Classification Balance Statement Classification /Permanent Closed Merchandise Inventory Asset Debit Balance Sheet Current Asset Permanent Not Closed Sales Discounts Contra-revenue Debit Income Statement Revenue Temporary Closed Sales Returns & Allowances Petty Cash Fund Allowance for Doubtful Accounts Accumulated Depreciation Purchases Purchase Returns & Allowances Depreciation Expense Sales Tax Payable Sales Freight-In Uncollectable Accounts Expense Interest Income Notes Payable

Answe these questions in relation to accounting packages systems

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Which of the following statements is true about the periodic inventory system? Question 2Select one: a. Inventory records are constantly updated b. Bar code scanners are most often associated with this system c . Purchases of inventory are journalized as an expense at the time of purchase d. Cost of sales is recorded at the time of sale e. None of the above

13 ______________is one that tracks all inventory purchases and sales directly in the accounting records through enterprise assets management software. a. Periodic inventory system b. First in First out method c. Last in First out method d. Perpetual inventory system Clear my choice

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Q-1: What is Perpetual and Periodic Inventory System? Explain the differences between both. Record all the transactional entries for the sales and purchases of inventory.

Topic is about The expenditure cycle part I: purchases and cash disbursements procedures

Multiple choice:

QUESTION 4 Which of the following is used to analyze the efficiency and effectiveness of inventory management? a. inventory turnover only b. number of days' sales in inventory only c. both inventory turnover and number of days' sales in inventory d. neither inventory turnover or number of days' sales in inventory

2) Sea Travel sells motor boats. One of Sea Travel's most popular models is the Wing. During the current year, Sea Travel purchased 24 Wings at the following costs. Total cost Unit Cost $7000 $7100 $7250 Purchase Date Units Purchased May 2 May 20 May 25 $28,000 14,200 4 8 58000 June 5 10 $7300 73000 24 $173,200 On May 28, Sea Travel sold 11 Wings to the jack Sport racing team. Compute a) the cost of goods sold on May 28 and b) The ending inventory of Wing boats at June 5, using the following cost flow assumptions: c) Prepare journal entries to record the cost of the 11 wings sold on May 28, assuming that the company uses the:

Not a previously submitted question. Thank you

The following account appears on which financial statement: Inventory 1. Balance Sheet 2. Income Statement please explain in detail no copy paste no AI no plagiarism

QUESTION 2 The inventory system employing accounting records that continuously disclose the amount of inventory is called a. perpetual b. physical c. retail O d. periodic

Picutre one contains the topic, and the questions.  Please complete the missing answers on picture two, Thanks for your time!

Q4

How do retail companies correctly match expenses with revenue for the period to get an accurate net income? a. With a modern POS system. b. With the consistency principle. c. With a goods-on-hand estimate from the Controller. d. With a physical inventory.   According to the Home Depot’s financial statement example provided by the author, which is the predominant method of inventory valuation used by the company? a. FIFO b. LIFO c. NRV d. LCM please provide me a coerrect answer explains tep by step

MULTIPLE CHOICE

Multiple-Choice Questions 3. Which function should the billing departmentNOT perform?a. record the sales in the sales journalb. send the ledger copy of the sales order toaccounts receivablec. send the stock release document and the shipping notice to the billing department as proofof shipmentd. send the stock release document to inventorycontrol

Which of the following are characteristics of a perpetual inventory system? (a). Management knows how much inventory is on hand at all times. (b). Purchases of inventory are recorded to the inventory account. (c). The computer tracks inventory upon a sale and the cost of goods and inventory are immediately updated. (d). All of these.

Financial accounting Q

3 moWhen recording a purchase of inventory on credit, which accounts are typically affected?   A) Debit Accounts Payable, Credit Cash B) Debit Inventory, Credit Accounts Payable C) Debit Accounts Receivable, Credit Sales D) Debit Cash, Credit Inventory

Defining Chapter Terms Terms and phrases relating to concepts discussed in this chapter along with descriptions of those terms and phrases follow. Match each term, 1 through 15, with the best description a through o. Key Inventory Terms and Phrases    Key Inventory Terms and Phrases Description of Terms and Phrases Answerabcdefghijklmno 1. Net realizable value a. Requires retroactive restatement of financial statements Answerabcdefghijklmno 2. Lower-of-cost-or-market b. Method for valuing inventory applying to LIFO and retail methods Answerabcdefghijklmno 3. Allowance to reduce inventory to net realizable value c. Cancellation of additional markup Answerabcdefghijklmno 4. Gross profit method d. Inventory estimation that is not acceptable under GAAP Answerabcdefghijklmno 5. Estimated loss on purchase commitment e. Method that approximates lower-of-cost-or-market Answerabcdefghijklmno 6. Change in inventory method from average to FIFO f. Not usually practical to…

Multiple choice