The charges of putting products into a saleable condition ought to be charged to A. Balance Sheet B. P and La/c C. Trading account D. None of the above mentioned
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- Which of the following accounts is an example of a contra-asset?A) Cost of Goods Sold B)Sales Discounts C) Purchases D) Deferred Revenue E) LIFO Reserve13) When recording the sale of a product, which account is increased?A) InventoryB) Accounts ReceivableC) Notes PayableD) None of the choices are correct Group of answer choices A B C DWhich of the following is not an element of the financial statements? A. future potential sales price of inventory B. assets C. liabilities D. equity
- Which of the following accounts does not belong in the purchases and disbursement cycle? Group of answer choices a.Prepayments b.Accounts payable c.Sales returns and allowances d.Fixed assetsUnder ASC Topic 606 for revenue recognition, which of the following factors is not an indicator of the principal/agent determination? A. Inventory risk. B. Credit risk. C. Shipping terms.Which of the following accounts does not belong in the purchases and disbursement cycle? A. Prepayments B. Accounts Payable C. Sales returns and allowances D. Fixed Assets
- Which inventory cost flow assumption does IFRS not allow? a. Specific identification. b. FIFO. c. LIFO. d. Average cost.In accounting for by-products, when the by-products are sold for more than the estimated sales value, the difference is: a. credited to Gain or Loss on Sale of By-Product b. debited to Gain or Loss on Sale of By-Product c. immaterial, so not recorded. d. credited to By-Product Inventory.Which of the following accounts would normally have adebit balance?a. Inventoryb. Sales Returns and Allowancesc. Sales Discountsd. All of the above
- Merchandise Inventory is classified on the balance sheet as? A. Current Liability B. Non-current asset O C. Long-Term Liability O D. None of the choices1. Net purchases equal the invoice amount and?a. plus freight-in, plus discountsb. less purchase returns, plus purchase allowancec. plus freight-in, less purchase discountsd. plus discounts, less purchase returns 2. Cost of Goods Sold is classified as which type of account?a. Assetb. Liabilityc. Revenued. ExpenseHow much is the adjustment to the Cost of Sales account to set up its correct balance?