goods are sent on consignmen
Q: 11-Which of the following is an example of Expense of a Merchandise Business? a. Accounts receivable…
A: Expenses means the amount spent on running the business.
Q: 19-Which of the following will be called as a Merchandising Business? a. Receives a loan from bank…
A: A merchandising business is one of the most common types of businesses. A merchandising is a…
Q: 23-In Periodic inventory system the goods are a. Not recorded till the time sale is made b. Not…
A: For recording the inventory in books of accounts , we have two method Perpetual inventory system…
Q: Which of the following statement is False for Perpetual inventory system of a Merchandise Business?…
A: The false statement about perpetual inventory system is "Value of closing inventory cannot be…
Q: The opening inventory of material is recorded in the store ledger in. a. Receipts column b. Not…
A: Solution: The opening inventory of material is recorded in the store ledger in "Balance column".
Q: 3. Ramsey Company issues merchandise inventory. a. Journalize Ramsey's 1. The issuance of 2. The…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: In which of the following methods does the debit remainder of the Trade Goods Account show the…
A: Inventory (trade goods) refers to the stock that the company held for the resale purpose or the…
Q: 31-Which of the following would normally be classified as a Selling expense of Merchandising…
A: 31. d. Advertising expense
Q: -Which of the following will be not be called as Source Document of a Business?
A: Answer
Q: When the goods are sent on consignment, the goods are recorded in the books of a. Business have…
A: Consignment means where consignor send goods to consignee to be sold by later on the behalf of…
Q: What do we mean by inventories? a. Inventories are goods purchased for resale in the normal course…
A: Following is the answer to the given question
Q: retail businesses, the largest expense is created 2. When merchandise that was sold is returned, a…
A: Sales returns : A contra revenue account is what is used to describe sales refunds and allowances.…
Q: Presented below is a list of items that may or may not be reported as inventory in a company's…
A: Financial statements: Financial statements are condensed summary of transactions communicated in the…
Q: 16 - Which of the following is the account used in records related to Export? A) Machines account…
A: Export is a kind of business activity that arises when a company sells its products or services…
Q: 32.This is the type of special journal makes use of sales invoices issued by companies. A.…
A: Accounting is essential to operating a company since it allows businesses to track income and…
Q: 1. Goods out on consignment at another company’s store. select an item…
A: SOLUTION- INVENTORY REFERS ALL THE ITEMS , GOODS , MERCHANDISE AND MATERIALS HELD BY A BUSINESS FOR…
Q: 35-Assuming that the business received an invoice from Supplier for OMR 10,000. Which of the…
A: Answer) The correct answer is the given question is: PURCHASE JOURNAL
Q: -It is used to who is responsible for paying shipping and when the title of the goods passes from…
A: When a Business transaction is executed, it is subjected to certain terms and conditions that govern…
Q: Delta Company buys merchandise on account from Larks Company for $580. Delta sells the goods to…
A: Assets = Liabilities + Stockholders' Equity
Q: 36-Assuming that Bushra Trading LLC is trading a textiles business in Nizwa. The business wants to…
A: Credit sales means when goods are sold to customers but they have not paid amount immediately. They…
Q: A company sells merchandise for cash. This transaction is recorded as: Group of answer choices A…
A: Golden Rules: There are three golden rules nominal, personal, and real. All financial transactions…
Q: .Which of the following inventory items is/are included in the year end inventory of an entity's…
A: Concept Freight paid on goods sold are freight outward and treated as selling expense Goods in the…
Q: Accounting-201 1. Under a perpetual inventory system part of the merchandise purchased on account at…
A: 1. c) debit to Accounts payable and a credit to Merchandise inventory 2. b) Net Sales and the Cost…
Q: In Perpetual inventory system the loss of goods is included in a. Purchases b. Closing stock c.…
A: Explanation of Loss of goods and answer is given below,
Q: when the company sold goods on account the A/P will be in the debit side O True O False
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: 27- Goods in transit are recorded as closing inventory of the Buyer when a. When the goods are…
A: FOB shipping point, also known as FOB origin, indicates that when the goods are placed on a delivery…
Q: - Which of the following transactions does this record belong to? a) Record of purchase of…
A: Purchase are debted and debt securities are credited. Promissory note are debt securities
Q: shipments to branch
A: Shipments to branch account is subtracted from the beginning stock and purchases to calculate home…
Q: (Inventoriable Goods and Costs) Presented below is a list of items that may or may not be reported…
A: Given below is the name of item of financial statement and financial statements in which it is…
Q: Give journal entries for the following , when Stock and Debtors Method is used- ( ANY ( FOUR a ) For…
A: When stock and debtors method is used- Journal entry (A) for goods sent to branch. Branch stock a/c…
Q: 41) n a merchandising sales transaction, the seller sells a product and transfers the ____________…
A: Merchandising is a form of business in which goods are purchased and sold. Sales means when goods…
Q: 17/_____________ is treated as an asset and the cost of goods on hand as well as available for sale…
A: . Asset is a resource owned by a person or corporation which generates economic value in the course…
Q: 26- Goods in transit are recorded as closing inventory of the buyer when a. When the goods are…
A: FOB shipping point, also known as FOB origin, indicates that when the goods are placed on a delivery…
Q: Which of the following transactions does the above journal item belong to? a) Goods Sales…
A: All options are discussed as under: 1) Goods Sales Return Record: In this record, all the sales…
Q: - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 610 RETURNS ON SALES 1.000 191 DEDUCTIBLE VAT 180 100…
A: Discounting of goods: It refers to the amount of reduction from selling price of goods.
Step by step
Solved in 3 steps
- When the goods are sent on consignment, the goods are recorded in the books of a. Business have possession of the goods as closing stock b. Nobody till the goods are sold c. Business who have sent the goods, as closing stock d. Business as a sale of goods27- Goods in transit are recorded as closing inventory of the Buyer when a. When the goods are dispatched to the buyer b. The order for the goods are placed with the seller c. The goods are purchased on FOB destination Port terms and the goods reaches buyers port d. The goods are purchased on FOB Shipping Port terms and the goods have left the sellers place26- Goods in transit are recorded as closing inventory of the buyer when a. When the goods are received by the buyer b. The goods are purchased on FOB Shipping Port terms and the goods are put on the ship c. The goods are purchased on FOB destination Port terms and the goods are put on the ship d. The order for the goods are placed with the seller
- 17/_____________ is treated as an asset and the cost of goods on hand as well as available for sale at any given time in the business. a. Merchandise inventory b. Cost of goods sold c. None d. Gross profit36-Assuming that Bushra Trading LLC is trading a textiles business in Nizwa. The business wants to raise a Credit Sales invoice. Which of the following statement is correct in regards to a Credit Sales invoice? a. It will be raised by Bushra trading LLC at the time of receiving the goods returned by customers due to damage of goods b. It will be raised by Bushra Trading LLC to the Suppliers at the time returning the goods due to partial damage of goods c. It will be raised by Bushra Trading LLC at the time of selling the goods to customers under the credit terms of 2/10 n/60 d. It will be raised by Bushra Trading LLC at the time of Purchase of Merchandise from Suppliers under the credit terms of 2/10 n/60Choos only the LETTER of answer: 1. Merchandise shipped FOB shipping point on the last day of the year should ordinarily be included in * a. The seller's inventory balance b. The buyer's inventory balance c. Neither the buyer's nor seller's inventory balance d. Both the buyer's and the seller's inventory balance 2. Which of the following would not be reported as inventory? * a. Machinery acquired by a manufacturing entity for use in the production process b. Land acquired for resale by a real estate firm c. Shares and bonds held for resale by a brokerage firm d. Partially completed goods held by a manufacturing entity
- 35-Assuming that Bushra Trading LLC is trading a textiles business in Nizwa. The business wants to raise a Credit Sales invoice. Which of the following statement is correct in regards to a Credit Sales invoice? a. It will be raised by Bushra Trading LLC at the time of Purchase of Merchandise from Suppliers under the credit terms of 2/10 n/60 b. It will be raised by Bushra trading LLC at the time of receiving the goods returned by customers due to damage of goods c. It will be raised by Bushra Trading LLC at the time of selling the goods to customers under the credit terms of 2/10 n/60 d. It will be raised by Bushra Trading LLC to the Suppliers at the time returning the goods due to partial damage of goods13-Which of the following will be not be called as Source Document of a Business? a. List of suppliers are kept under Purchase ledger by the business b. Debit note raised by the business c. Sales invoice issued by the business d. Purchase invoice received by the business11-Which of the following is an example of Expense of a Merchandise Business? a. Accounts receivable b. Accounts payable c. Cash at Bank Muscat d. Salary and Wages paid by the business
- 31-Which of the following would normally be classified as a Selling expense of Merchandising business? a. Telephone expense of the office b. Insurance expense of the office c. Rent expense of the office d. Advertising expense17-An item of merchandise was sold for RO 800 cash by a business using the perpetual inventory system. The product sold cost the business RO 600. After the sale entry has been recorded, a second entry will a. debit Merchandise Inventory RO 800 and credit Cost of Goods Sold RO 800 b. debit Cost of Goods Sold RO 600 and credit Merchandise Inventory RO 600 c. debit Cash RO 800 and credit Sales for RO 800 d. debit Sales RO 600 and credit Merchandise Inventory for RO 600AB Inc. purchased inventory on account from YZ Inc. The amount was $500. AB Inc. uses an accounting information system with special journals. Which special journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal