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

Q: Customer payments received in advance of the product or service being provided is recorded in which…

A: The company can collect advance from the customer before sale of the goods. This method of…

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: A. What document is used to create the Sales Order in the Revenue Cycle and where does itcome from?…

A: Answer a: Sales order is created by using a document formed by SAP.

Q: Most of the accounting cycles have journal entries that accompany activities of each cycle.Which of…

A: Recording transaction in journal is termed as journalizing the entries. Transaction are first…

Q: On a journal entry with a debit to Cost of Goods Sold you would expect a credit to…

A: In the Double Entry System, its must that Every Debit will have the Credit and its also necessary…

Q: Most of the accounting cycles have journal entries that accompany the activities of each cycle.…

A: A process of identifying a transaction, analyzing it and then recording the same in the books is…

Q: When does a company typically recognize revenue for a bill-and-hold sale?

A: Bill and hold agreements represent a sales arrangement in which the buyer pays for the item or items…

Q: Define cost of goods sold. How is it computed? What two financial reports does it impact and how?

A: Cost of goods sold or COGS is the direct cost of the products sold/manufactured by the entity. It…

Q: What are the ways that payments by a seller to a customer is done?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

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: When a customer (buyer) returns merchandise purchased on credit,what is to be done?

A: Sales Returns: It is the merchandise returned by a buyer to a seller due to many reasons like excess…

Q: What are the normal balances of the various sales-related accounts?

A:

Q: A credit balance to a client’s accounts payable account representing right to receive payment for…

A: Accounts payable accounts are consisting of those supplier accounts from whom business has made…

Q: What document signals that a company should record thepurchase of goods on account?a. Purchase…

A:

Q: When does the cost of inventory become an expense?a. When cash is collected from the customerb. When…

A: Answer: b. When inventory is delivered to a customer

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: The "Cost of goods sold" account is associated with which of the following major categories? O…

A: The direct cost which is expended for the production of the goods is known as COGS. It includes…

Q: What is meant by purchase return and sales return in accounting?

A: Purchase return:A purchase return is a transaction that occurs when the buyer of the goods (for…

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: When granting a sales allowance, is there a return of merchandise inventory from the customer?…

A: Sales allowance is an allowance where reduction in reduction in selling price is granted to customer…

Q: Sales revenue should be recognized when: a. sales are invoiced. b. payment is received from the…

A: The total amount of income created by the sale of goods or services is referred to as Sales revenue.…

Q: What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?

A: Introduction: Non-trading entities keep a revenue and expenditure account to determine the surplus…

Q: If merchandise sold on account is returned to the seller, the seller may inform the customer of the…

A: Solution:- If merchandise sold on account is returned to the seller, the seller may inform the…

Q: What is the name of the account used to record purchases of merchandise inventory?

A: The concept of merchandise inventory is associated with cost of goods that is in hand and available…

Q: While reporting revenue, how a company should consider barter arrangement and discount?

A: Revenue Reporting: The process of accounting for revenue for a product you offer to a client is…

Q: How would you find the invoice amount of merchandise that was returned in

A: When the merchandise is returned, The invoice amount of return will be credited to the customer's…

Q: Explain how a retailing firm would determine the cost of goods sold during an accounting period.

A: Retailing firms are those firms that are run for the prime purpose of earning profits. The cost of…

Q: I have a couple of questions. PLEASE answer thoroughly and explain.1) Are all types of revenue…

A: Dear student, as you have not mentioned the question number to be answered, so we are answering the…

Q: Define the expenses of products and periods and explain how they affect financial accounts.

A: This question explains about products and periods and financial accounts.

Q: Where do you find inventory, sales, and cost of sales accounts on the financial statements?

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: Which accounting method (net cost or gross invoice price) provides the most useful information?

A: The net cost of any product is the amount of the invoice plus any taxes and extra fees that are…

Q: Before paying an invoice for goods received on account, the controller or treasurershould ensure…

A: Treasurer or controller:

Q: he entry to record the sale of goods on account uses a perpetual system and comprises a

A: Here is the Answer:

Q: Describe the accounting treatment for merchandise returns.

A: Purchase returns: Purchase returns are the goods returned by the buyer out of the goods purchased.…

Q: In general, revenue is recognized whena. The sales price has been collectedb. A purchase order has…

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: What accounts are affected when a bill from a vendor supplying you products is recorded

A: when vendors supply products to the company the following accounts will be affected -   1) if we are…

Q: Goods or products a company owns and expects to sell to its customers A) Sales B Merchandise…

A: Answer -  Merchandise Inventory -  Merchandise inventory means the value of goods in stock, it can…

Q: Explain the difference between the revenue statements of a merchandiser and those of a manufacturer…

A: 1. Income Statement - An a income statement is the financial statement that shows the organization's…

Q: In accounting for consignment sales, sales revenue and the related cost of goods sold should be…

A: Introduction:- Consignment arise when goods are sent by their owner to an agent who undertakes to…

Q: Briefly explain the accounting treatment for sales returns.

A:

Q: Why are contra-revenue accounts used rather than directlydeducting from the Sales Revenue account?

A: Sales revenue: The amount of price of merchandise sold during a certain period is referred to as…

Q: Which of the following is an example of a contra revenue account?A. salesB. merchandise inventoryC.…

A: This account book transaction would be linked to certain associated accounts of a different sort.…

Q: Describe the operating cycle of a merchandiser.

A:

Q: When goods are sold on a bill-and-hold basis, what conditions must be met to recognize revenue upon…

A: A technique of recognition of revenue under which the revenue is recognized at the point of sale but…

Q: How is cost of goods sold classified in the financial statements?a. As a revenueb. As an expensec.…

A: Cost of goods sold is the cost of goods that are being sold in that particular period. It is…

Q: how to bill customer using accrual-basis accounting

A: in Accruals accounting of income or revenue they are billed when goods or services are given but…