When goods are received, the receiving clerk should match the good with_____?          A. The vendor invite and the vendor shipping document          B. The purchase order and the requisition form          C. The vendor shipping document and the purchase order           D. The vendor invite and the purchase order

Q: What is the posting procedure for the sales journal?

A: Sales journal is used to record the entries related to only credit sales includes goods and services…

Q: Which one of the following statements best describes the purpose of a goods despatched note? A It is…

A: The goods dispatch note is prepared by seller, so as to keep the record of goods being dispatched.

Q: If title to merchandise purchases passes to the buyer when the goods are delivered to the buyer, the…

A: FOB shipping point sale: FOB shipping point sale: When the goods are shipped to the buyer, the title…

Q: In a manual system, after which event in the sales process should the customer be billed?

A: Sales Process: Sales Process can be defined as trade of goods and services provided by the trader of…

Q: When a customer returns goods, the merchandiser will:

A: Inventory:   Inventory refers to the raw materials, work-in process, and the finished goods…

Q: Which function should the billing department NOT perform? a. record the sales in the sales journal…

A: Accounting Information System: The system which helps to gather, store and process the accounting…

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: If title to merchandise purchases passes to the buyer when the goods are shipped from the seller,…

A: Free on Board is a trade term used to indicate whether the buyer or the seller is liable for goods…

Q: If merchandise purchased on account is returned, the buyer may inform the seller of the details by…

A: Given, Goods are purchased by-merchandise is returned.

Q: Seller is notified of goods returned by the buyer when he receives a

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: In the revenue cycle (for sales on credit), a customer places an order for a certain product. Which…

A: Every time an order is received by an organisation, there is whole set of process that needs to be…

Q: For each of the following processes, state whether OLTP or OLAP is appropriate and why.a. An order…

A: Meaning OLTP & OLAP OLAP means Online Analytical Processsing and OLTP means Online Transaction…

Q: Which one of the following statements best describes the purpose of a purchase order? A It is issued…

A: Purchase Order: A company before purchasing goods invite qoutation of goods from suppliers. When…

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

A:

Q: All of the following functions are normally found within an organization's sales/collection except:…

A: An entity involved in sale of merchandise has to keep a track of multiple functions such as receipt…

Q: Required Prepare the SALES JOURNAL Prepare the PURCHASES JOURNAL

A: A journal is a record that records every one of the monetary exchanges of a business, to be utilized…

Q: What is another name for the bill that the seller sends to the buyer when the buyer purchases…

A: Solution: Purchase order is prepared and sent by buyer to seller while placing an order. Receiving…

Q: Who is responsible for releasing an order? Describe what happens to the inventory records andto PAC…

A: The person responsible for releasing an order is the material planner.

Q: When merchandise that was sold is returned, a credit to sales returns and allowances is made by the…

A: As per perpetual inventory system, inventory records are updated after every transaction.  When…

Q: If the sale includes the seller paying the freight costs and assuming the responsibility for…

A: FOB shipping point sale: When the goods are shipped to the buyer, the title is transferred to the…

Q: t happens after the shipping department verifies that the quantities and descriptions of goods…

A: The sale order may be defined as the order which is generated by the seller of the goods to the…

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: 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: a) Prepare the purchase ledger (account payables) control account and the sales ledger (account…

A: (a)

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: A voucher is usually supported by Oa. a purchase order Ob. a receiving report Oc. a supplier's…

A: A voucher is usually supported by a purchase order, receiving report, and supplier's invoice.

Q: Which of the following feature/s related to FOB shipping point under shipping terms, except?

A: Solution- FOB shipping point – Notes responsibility of goods and title transfer from seller to buyer…

Q: The entry to record the return of merchandise from a costumer would include a  credit to sales…

A: Given: To determine the entry to record the return of merchandise from a costumer that would include…

Q: A retailer pays for purchased merchandise within the discount window. The retailer would recognize…

A: Accounts Payable - Accounts Payable is the creditor for the company. Company owed some amount for…

Q: If merchandise purchased on account is returned, the buyer can inform the seller of the details by…

A: An invoice refers to a bill that is issued by a seller to the buyer. It specifies details related to…

Q: The purchases and disbursements cycle usually begins when Group of answer choices A user department…

A: A disbursement seems to be the transfer of funds from one account to another, whether for a purchase…

Q: A bill or a statement issued by the seller to the buyer giving details of goods sold. a. chart of…

A: The seller issues a bill containing all the details about the sales to the buyer.

Q: When a customer returns merchandise previously purchased on credit, the entry for the seller to…

A: Journal entry:- Customer Ac Dr to Sales A/C

Q: Which of the following included in the buyer's cost? A. All the descriptions are tight. B. Insurance…

A: Inventory cost refers to the cost that is related to the business associated with the holding…

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: Which onscreen form is usually used to record a sales transaction that the customer will pay later?…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Describe the data flow in the buying process that begins when the purchasing organization sends a…

A: The Answer:

Q: It is used to who is responsible for paying shipping and when the title of the goods passes from…

A: The goods and services are usually exchanged between two parties. One is seller and the other is…

Q: In which of the following scenario will the supplier be issuing a credit memo?   Granting of…

A: In the case of defective merchandise the buyer may return the goods and in lieu of that supplier…

Q: ccount used under periodic system to record returns of purchased goods to the suppl

A: Solution: Under periodic inventory system, inventory records for each purchase and sale are not…

Q: A seller generally records sales at the full invoice price, butthe buyer often records purchases at…

A: A seller generally records sales at full invoice price, but buyer often records purchase at net…

Q: Describe the flow of data in the purchasing process that is initiated when the purchasing…

A: A data flow diagram is a flow of data that analyzes the beginning criteria and end results of a…

Q: The authority to accept incoming goods in receiving should be based on a(n)(1) vendor’s invoice. (3)…

A: Delivery is an act of transferring goods, services, commodities, securities or cash from one place…

Q: A company indicates the condition of goods obtained onwhich of the following documents?a. Purchase…

A: Answer:   Option c.

Q: Which of the following statements is true about a purchase order? O a. It is a company's written…

A: The Purchase Order (PO) is a business document and the first official bid issued to a seller by the…

Q: If the buyer is to pay the transportation costs of delivering the merchandise, delivery terms are…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…