A. What document is used to create the Purchase Order in the Expenditure Cycle and wheredoes it come from? B. Who creates the Purchase Order? C. Who gets copies of the Purchase Order? In the space below, please answer parts A, B, and C.

Q: General entry purchase return

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: ork in the warehouse. All lls below the reorder lev their choice. The invento accounts payable…

A: An internal control is a system or strategy set up by the board to defend resources, advance…

Q: What is a LIFO inventory pool?

A: Definition: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So,…

Q: Differentiate between periodic and perpetual inventory system with the help of an example.

A: The monetary amount associated with the goods in inventory at the end of an accounting period is…

Q: Which accounting technique gives the most relevant information (net cost or gross invoice price)

A: The most relevant information of accounting technique will be explained:

Q: How do you find the ending inventory?

A: Many companies earn revenue by selling inventory rather than a service. These companies are…

Q: Drawing, explain how a purchase transaction on account impacts the buyer and the seller and also…

A: Purchase transaction means when one party purchases goods from another party. This transaction can…

Q: What are characteristics of the perpetual inventory system?

A: Perpetual Inventory System: Perpetual Inventory System refers to the inventory system that maintains…

Q: How to journaalize entries from accounting for purchase with frieght transaction?

A: A journal entry is the first step to recording any transaction of monetary nature. Journalizing is…

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: Compute the consignment income to be reported by the consignor

A: Consignment is a arrangement of principal and agent where cosignor the principal sends goods the…

Q: What are the valuing inventories?

A: Cost:   It is the economic value incurred by an organization to manufacture a product or to render a…

Q: Identify whether each description best applies to a periodic or a perpetual inventory system.…

A: Perpetual inventory system is a system that records real time transactions of received or sold…

Q: Explain purchase accounting

A: Purchase accounting means any premium paid by bidder in excess of the value of books of aims assets…

Q: What document initiates the sales process?

A:

Q: Which is the last stage of the consumer decision process? a. Need Recognition b. Purchase Decision…

A: 1 stage - Need Recognition First step is recognizing the need, example Communication is a need  2…

Q: Please assist with (i) - Periodic inventory system and Perpetual inventory system. Thanks

A: In the perpetual method of inventory, calculation of inventory is to be done as and when it is…

Q: Differentiate between a purchase requisition and a purchase order.

A: Difference between purchase requisition and purchase order The difference between the purchase…

Q: initiate the purchase requisition for fre supplies of the material?

A: Option a is wrong because the maximum level is the maximum number of inventory that can be held by…

Q: What is inventory conversion period?

A: Conversion period refers to the length of period at which one asset is converted into another form.…

Q: Explain an example how to record sales revenue.

A: Sales revenue is the revenue from the sales generated by the company. The sales may be either cash…

Q: Describe the purpose of caash receipts journal.

A: The cash receipts journal is a special section of the general journal specifically used to record…

Q: Why is a “blind” purchase order used as a receiving report document?

A: Blind Purchase Order: Blind purchase order contains all the information related to the purchase of…

Q: Discuss the objects of the cut off on the sales and collection cycle.

A: The cash collection cycle is the number of days it takes to recover accounts receivable. The…

Q: Design a purchase requisition, purchase order and purchase specification

A: Here provide the details of the Purchase requisition, purchase order and purchase specification…

Q: What is the other name of purchases returns

A: Whenever inventory is being purchased in business for sale or for use in production and…

Q: Describe and use the purchases jornal. What steps are followed in posting from the purchases journal…

A: Purchase Journal:   Purchase journal records all the merchandise purchase on credit. In a single…

Q: Accounting information systems have five generic elements . Which of the following pairs includes…

A: Accounting information systems are tools/softwares used by entities to collect, record and Storge…

Q: Explain how to determine the transaction price.

A: Determination of transaction price is one of the step of revenue recognition process. The…

Q: Prepare a journal entry to record the purchase.

A: The cost of land purchased would be split between intangible assets of surface rights and mineral…

Q: Summarize on what you understand from the purchase cycle system

A: Purchase Cycle System- Purchasing Cycle system refers to as system of buying product and service.

Q: Summarize the process to determine whether you can afford a particular purchase

A: The process is a defined way that helps individuals to analyze the particular item for taking the…

Q: Define Perpetual inventory system.

A: A perpetual inventory system updates and records the transaction as and when it occurs either at the…

Q: What is the purpose of the blind copy of a purchase order?

A: Definition: Blind copy: The copy of purchase order (PO) which contains no information about the…

Q: Of the following, select the attribute that would be the best primary key in an inventory table. a.…

A: A primary key in a database is the unique identifier which can identify a particular item anywhere…

Q: what document initiates the sale process

A: In the above questions we have asked about the document which initiates sale process.

Q: what document initiates the sale

A: Sales Process:   Sales process is defined as a repeatable process that starts from accepting the…

Q: Explain inventory system and its functions

A: Inventory is the detailed list of items that are present on hand. It constitute of all the finished…

Q: What is just-in-time (JIT) inventory system?

A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a…

Q: What questions should be asked after a returned item hasbeen counted and recorded?

A: Returned items are goods that are returned to the manufacturer or secondary retailers.

Q: Write out the journal entries needed to record this sale.

A: Step 1 Journal is the Part of Book Keeping.

Q: Explain how to report and analyze inventory.

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: Explain how to record the purchase of supplies.

A: Supplies are the consumable assets, which are ordinarily consumed in an organization. Supplies…