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- A seller generally records sales at the full invoice price, butthe buyer often records purchases at net cost. Explain the logic of the buyer and seller recording the transaction at dif-ferent amounts.How should a non vat seller treat input vat paid on the purchases from vat supplier of inventories for sale?The transfer price is a revenue to sales devision and cost to the buying devision. Say true or False why?
- Which of the following statements is correct? Group of answer choices A)Revenue is recognized at the time of shipment when goods are shipped FOB destination. B)Sales returns and allowances are reported as operating expenses on an income statement. C)Revenue is recorded when title and risks of ownership transfer to the buyer. D)Sales discounts are reported as operating expenses on an income statement.The realisation concept determines when goods sent on credit to customers are to be included in the sales figure for the purpose of computing the profit or loss for theaccounting period. Which of the following tends to be used in practice to determine when to include a transaction in the sales figure for the period. When the goods havebeen:a. dispatched b. invoiced c. delivered d. paid forGive reasons for your answer.The transaction price: A) Is always the price that competitors see. B) May include a trade discount. C) Is always the list price. D) Is the retail price and is the same price to all customers.
- the way to adjust purchases in order to arrive at the cost of sales figure is to ?Requirement a. What are the accounting requirements for a correct sales cutoff? A. A shipment should be recorded as a sale when the risks of ownership transfer to the buyer and collectability is reasonably assured. B. A shipment should be recorded as a sale when the merchandise is shipped. C. A shipment should be recorded as a sale when the payment for the merchandise has beeb received by the seller. D. A shipment should be recorded as a sale when the merchandise is received by the purchaser.When should a seller view a payment to its customer as a refund of part of the price paid by the customer for theseller’s products or services?
- A seller generally records sales at the full invoice price, but the buyer often records purchases at net cost. Explain the logic of the buyer and seller recording the transaction at different amounts.Which of the following conditions would support recognition of revenue? The seller’s price to the buyer is being negotiated. Delivery has occurred or services have been provided. Collection is possible. Significant risks and rewards of ownership of the goods will soon be transferred to the purchaser by the seller.Please answer the following blanks. moving on, Under requirement 2, options are cost of good sold, ending inventory, gross profit, income before income tax, income tax expense, operating expenses, sales revenue.