A company indicates the condition of goods obtained onwhich of the following documents?a. Purchase requisitionb. Purchase orderc. Receiving reportd. Supplier invoice

Q: Which of the following items would be included in the inventory account of a manufacturing concern?…

A: The inventory is the cost of goods that are available to be sold during the period.

Q: When the goods are received and the receiving report has been prepared, which ledger may be…

A: Inventory: Inventories are the primary materials which are used in the production process to get the…

Q: A portion of a client’s inventory is in public warehouses. Evidence of the existence of this…

A: Existence assertion says that all assets and liabilities of the business present in the financial…

Q: Samson Company provided you with the following information: • Items counted in the warehouse.. •…

A: FOB shipping point means the goods become the property of the buyer as soon as the goods leave the…

Q: When the goods are received and the receiving report has been prepared, which ledger may be updated?…

A: Inventory: Inventories are the primary materials which are used in the production process to get…

Q: A form used to request the responsible person or department to purchase merchandise or other…

A: Person responsible to make purchase would require the details to the purchases required to be made.

Q: What is the accounting treatment for supplies inventories if the purchases method is used to record…

A: Supplies generally form a part of current assets of the entity and represent the amount of supplies…

Q: Seller is notified of goods returned by the buyer when he receives a

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: Explain "the inventory process sits between the revenue and the purchasing processes. the subject…

A: Inventory management is defined as a process of ordering, managing, storing, and implementing the…

Q: Which journal entry is correct when there is a sale under a perpetual inventory and FOB shipping…

A: Solution- Accounts payable -------------------DR                 To Merchandise inventory. (To…

Q: Which document triggers the update of the inventory subsidiary ledger? a. bill of lading b. stock…

A: Update the inventory ledger Stock release triggers the update of the subsidiary ledger. The stock…

Q: Which one of the following statements best describes the purpose of a purchase order? A It is issued…

A: Purchase Order: A company before purchasing goods invite qoutation of goods from suppliers. When…

Q: A В D REQUIRED: IDENTIFY THE ASSERTION[S] RELATED TO EACH AUDIT PROCEDURE ASSERTION[S] E= existence…

A: Audit Procedure:- An audit procedure is referred as the procedure which is used by the auditor to…

Q: Which of the following statements about merchandisingactivities is true? (More than one answer may…

A: Merchandising activities means activities of purchase and sale of goods that are ready for sale.…

Q: he shipments from branch account is added to the branch's purchases account in determining branch's…

A: solution concept The shipments to branch account from head office forms the part of the cost of…

Q: When does the cost of inventory become an expense?a. When cash is collected from the customerb. When…

A: Answer: b. When inventory is delivered to a customer

Q: Which document authorizes the purchase of the inventory from an approved vendor? the petty cash…

A: A company purchases inventory works on it and sells them as finished product. So purchase plays an…

Q: Which of the following needs an adjustment to the accounts receivable account of ABC Company? a.…

A: Accounts receivable are created by an organisation when it records sales on credit. The accounts…

Q: Distinguish between FOB Shipping Point and FOB Destination. Identify the freight terms that will…

A: The letter FOB means Free On Board. Those goods that are placed free onboard the carrier by the…

Q: Who is responsible for releasing an order? Describe what happens to the inventory records andto PAC…

A: The person responsible for releasing an order is the material planner.

Q: When goods in transit are shipped f.o.b shipping point they shoule be included in the inventory of…

A: Solution: Goods in transit shipped FOD destination should belongs to buyer as they once shipped…

Q: Under the perpetual inventory system, in addition to making the entry to record a sale, a company…

A: Under perpetual inventory system, the decrease in inventory is also recorded every time of sale.

Q: If a manufacturer ships merchandise to a retailer on consignment, the unsold merchandise should be…

A: Definition:   Goods in transit: Goods in transit can be described as the inventories which are…

Q: Consider each of the following independent situations. Should a company report the goods in its…

A: If the seller expects a sales return, then it should debit sales return and credit refund liability…

Q: What journal entry is required to record goods taken from inventory by the owner of a business for…

A: We have the following question: What journal entry is required to record goods taken from inventory…

Q: Assume that a perpetual inventory system using the NET METHOD is in use. Which of the following…

A: Step 1: As per the net method of perpetual inventory system, when a customer will return the goods…

Q: he entry to record the sale of goods on account uses a perpetual system and comprises a

A: Here is the Answer:

Q: In general, revenue is recognized whena. The sales price has been collectedb. A purchase order has…

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: Which of the following items should be included in a company's inventory at the balance sheet date?…

A: Inventory is the current asset which is being held by the entity for the purpose of sale.

Q: Which of the following would appear on the balance sheet of a merchandiser but not on the balance…

A: The goods that a wholesaler, retailer or distributor obtains from manufacturers that are intended…

Q: Which of the following should be included in inventory on the balance sheet? Goods out on approval…

A: Goods purchased that are in transit F.O.B destination and raw materials will be recorded and…

Q: What source document is used to summarize/document each receipt of goods? A. packing slip B. picking…

A: A source document is the original documents that the details of a business transaction. a source…

Q: ccount used under periodic system to record returns of purchased goods to the suppl

A: Solution: Under periodic inventory system, inventory records for each purchase and sale are not…

Q: Merchandise inventory is O Reported on the balance sheet under plant and equipment O Products a…

A: Income statement and balance sheet are the financial statements of a company, prepared at the end of…

Q: 18-Which of the following is an example of Source document? a. Sales Ledger b. Invoice c. Assets…

A: Some common examples of source documents include sales receipts, checks, purchase orders, invoices,…

Q: The authority to accept incoming goods in receiving should be based on a(n)(1) vendor’s invoice. (3)…

A: Delivery is an act of transferring goods, services, commodities, securities or cash from one place…

Q: When goods are received, the receiving clerk should match the good with_____?          A. The…

A: Under generally accepted accounting principles, Double entry accounting system has to be followed…

Q: Indicate the best answer(s) for each question: Which of the following statements about perpetual…

A: Under perpetual inventory system, the inventory record is maintained with every sale and purchase.

Q: Which of the following statements is true about a purchase order? O a. It is a company's written…

A: The Purchase Order (PO) is a business document and the first official bid issued to a seller by the…