What are the possible problems associated with receiving goods ordered from a vendor/supplier?

Q: are external and internal agents modeled in REA diagrams for transactions that involve purely…

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Q: How is total cost of goods sold and the total amount billed to customers calculated?

A: A job cost sheet is a sheet which is used to record the manufacturing costs .

Q: How should a non vat seller treat input vat paid on the purchases from vat supplier of inventories…

A: The major purpose of adopting VAT is to reduce the effects of multiple taxes and the cascading…

Q: what is the effect on transportation costs if the purchaser controls a shipment directly from the…

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: What are the methods used to determine the cost of goods?

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Q: State the standard method of determining the cost of goods sold by a retailing or a wholesaling…

A: The cost of goods sold includes the total cost of goods sold include the cost of goods that are sold…

Q: Describe FOB shipping point and FOB destination. When does the buyer take ownership of the goods,…

A: Transportation Costs: The costs of delivering the merchandise inventory from the manufacturer to the…

Q: What is the account title used for revenue when goods are delivered to customers?

A: Account title: An account title is a unique name assigned to an account in an accounting system. An…

Q: why service industry providing service and retail industry dealing in transfer and exchange goods?

A: Service Industry:-As the name suggests, it is the industry which deals in services only, although it…

Q: How do the activities of manufacturers, merchandisers, and service businesses diffe

A: Solution- Business is any activity undertaken to earn profit. There can be three basic types of…

Q: What is a merchandiser, and what is the name of the merchandise that it sells?

A: Merchandiser: A merchandiser is a business that sells goods, or merchandise, to its customers.

Q: What is recording transactions in Merchandising concern?

A: Merchandise refers to the those transaction which are concerned with stock, purchase transactions,…

Q: What is the business name of the vendor (seller)? How do you know this? (using the image)

A: Here in this question, we are required to answer the name of seller. Seller is the person who sells…

Q: How to calculate sales revenue from Cost of Goods Sold, inventory, or cost of goods available for…

A: Without selling price per unit, calculation of sales revenue is not possible with the given details.…

Q: What are some methods firms can use to accelerate receipts?

A: Need for Receipt: Cash or receipt is one of the important factors in the business. when it's blocked…

Q: Explain why, in most cases, a seller recognizes revenue when it delivers its product rather than…

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Q: What is Cost of Goods Sold (COGS), and where is it reported?

A: Merchandise Business: Merchandise business refers to the business of buying goods from the…

Q: how do you get sales revenue?

A: Required  How do you get sales revenue?

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: Why might a manufacturer chooseto hire a third-party logistics firm rather than a conventional…

A: Logistics refers to the overall process of managing how resources are acquired, stored, and…

Q: Provide one example of a transaction that affect  service business and  merchandise business.

A: Business refers to all those organization or company who engaged in any type of industrial,…

Q: What is the primary distinction between a service company and a manufacturing or merchandising…

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Q: Why is it important to know the true cost for a product or service?

A: True Cost and its importance The meaning of true cost is simple term is the the distinguish between…

Q: In what way does a typical manufacturing business differ from a merchandising concern? in what ways…

A: Manufacturing business means when a company makes finished products by use of raw materials and then…

Q: What modifications to the conventional retail method are necessary to approximate a LIFO retail…

A: LIFO liquidations: It generally occurs when the organization uses the LIFO inventory valuation…

Q: When a store purchases merchandise, why are individual departments not allowed to directly deal with…

A: Internal control helps an organization to safeguard its objectives. It helps to reduce risk and…

Q: What is an inventory manager?

A: Inventory Management: It refers to the process of managing the Inventory or stock of raw materials,…

Q: Differentiate between a remittance advice and a customer invoice within the sales process of an…

A: Accounting exchanges are those exchanges that legitimately influence the financial statements of a…

Q: Which of the following is not a characteristic of FOB Destination?A. The seller pays for shipping.B.…

A: FOB (Freight on Board) Destination seems to be a shipping terminology that signifies the seller…

Q: What is the difference in the operating cycle of a service provider and a merchandiser?

A: Operating cycle is defined as the amount of time the company requires to use its cash in order to…

Q: What is the difference between a pull system and a push system of inventory control?

A: In the pull system of inventory control, releases are authorized. And, companies using this strategy…

Q: What is a full-service supplier? What are the benefits of using full-service suppliers?

A: Full service supplier - A supplier who is capable of providing wide range of activities including…

Q: When would slicing and dicing be an appropriate OLAP tool? Give an example of inventory

A: OLAP means Online Analytical Processing. It includes decision support, modeling, information…

Q: Is a customer’s right to return merchandise a performance obligation of the seller? How should…

A: Right to return:   Right to return refers to the rights that are given by the seller when customer…

Q: What is a walkthrough of a sales transaction? How can the walkthrough work complement the use of an…

A: Internal control- It is a process of assuring to achieve organizational's objectives by doing…

Q: What is the most common constraint faced by merchandisers?

A: Most common constraints faced by merchandisers are: Limited Display Space: Small stores find it…

Q: What happens when a client (buyer) returns credit-purchased goods?

A: The Answer: