Which one of the following statements best describes the purpose of a purchase order?It is issued to a supplier to request supply of goods from them on terms specifiedwithin the orderAIt is issued to a customer to confirm the supply of goods to them on terms specifiedin the orderВIt is issued to a supplier as notification of paymentIt confirms the price that will be charged by a supplier for goods suppliedCD

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

Answered: Which one of the following statements…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 17MC: Which of the following is not a characteristic of FOB Destination? A. The seller pays for shipping....

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Similar questions

Which one of the following documents is not needed to process a payment to a vendor? A. vendor invoice B. packing slip C. check request D. purchase order
Which of the following is not a characteristic of FOB Destination? A. The seller pays for shipping. B. The seller owns goods in transit. C. The point of transfer is when the goods leave the sellers place of business. D. The point of transfer is when the goods arrive at the buyers place of business.
What accounts are used to recognize a retailers purchase from a manufacturer on credit? A. accounts receivable, merchandise inventory B. accounts payable, merchandise inventory C. accounts payable, cash D. sales, accounts receivable
For each of the following statements, fill in the blanks with the correct account names. A. A retailer purchases merchandise on credit. The retailer would recognize this transaction by debiting _____ and crediting _______. B. A retailer pays for purchased merchandise within the discount window. The retailer would recognize this transaction by debiting ________ and crediting _________ and ________. C. A customer returns merchandise to the retailer and receives a full refund. The retailer would recognize this transaction by debiting _________ and crediting _________ if the customer had not yet paid on their account. D. A customer pays for purchased merchandise within the discount window. The retailer would recognize this transaction by debiting ________ and _______, and crediting _________.
What document signals that a company should record thepurchase of goods on account?a. Purchase requisitionb. Purchase orderc. Receiving reportd. Supplier invoice
In a good internal control system, which of the following sets of documents is required for proper approval of a payment to a supplier? A. a journal entry, a supplier invoice, and a description of the goods being purchased B. a supplier invoice, a bill of lading, and the supplier's financial statements C. a purchase order, a journal entry, and a price catalog D. a receiving report, an invoice, and a purchase order
3 In accounting for consignment sales, sales revenue and the related cost of goods sold should be recognized by the Group of answer choices Consignor when the goods are shipped to the consignee Consignee when cash is received from the customer Consignor when notification is received that the consignee has sold the goods Consignor when the goods are shipped to the third party
the purchases and disbursements cycle usually begins when a. a user department request for acquisition of goods or services and submits purchase requisition to the purchasing department b. a check is issued to the vendor or supplier c. the warehouse is received the goods from the vendor or supplier d. the accounting posts the purchase transaction in the accounts payable ledger
In the sales 3-way match control procedure, which of the following invoice details are agreed to the customer purchase order and shipping document? O Invoice price, vendor, delivery date, quantity. O Invoice date, customer, description, quantity. O Invoice price, customer, delivery date, description, quantity. O Invoice price, vendor, date, description, quantity.
The functions of and documents generated by which of the below departments determine when a wholesaler that ships goods to customers has the right to record a sale? Question options: The receiving department The credit department The customer order department The shipping department
The purchases and disbursements cycle usually begins when Group of answer choices A user department requests for acquisition of goods or services and submits purchase requisition to the purchasing department. A check is issued to the vendor or supplier. The warehouse received the goods from the vendor or supplier. The accounting posts the purchase transaction in the accounts payable ledger.
Which of the following functions is not included in the typical expenditure cycle involving goods? A. Disbursing payments to the vendors B. Placing an order for goods or services C. Posting to the accounts payable subsidiary ledger D. Processing a credit memo E. Ascertaining the validity of payment obligations

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