College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Question
Chapter 13, Problem 2MC
To determine
Determine the person to whom the property of goods is held on consignment.
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True or False
The term FOB shipping point means that the ownership of the goods is vested on the buyer upon receipt of the goods thereof.
Determine if this shall result in recognition of liabilities
9. receipt of goods to be sold for the account of consignor
a. yes
b. no
According to PFRS 5, Assets held for sale are measured at a. fair value b. fair value less cost to sell c. carrying amount d. lower of b and c
Chapter 13 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Ch. 13 - An overstatement of ending inventory in the year...Ch. 13 - An understatement of ending inventory in the year...Ch. 13 - LO2 Under the perpetual system of accounting for...Ch. 13 - LO3 A fiscal year that starts and ends at the time...Ch. 13 - LO3 If goods are shipped FOB shipping point, the...Ch. 13 - An understatement of ending inventory in the year...Ch. 13 - Prob. 2MCCh. 13 - In rimes of rising prices, the inventory cost...Ch. 13 - In rimes of rising prices, the inventory cost...Ch. 13 - In the application of lower-of-cost-or-market,...
Ch. 13 - LO1 If the ending inventory is overstated by...Ch. 13 - Using the following information, compute the...Ch. 13 - Use the following information to compute cost of...Ch. 13 - Kulsrud Company would like to estimate the current...Ch. 13 - What financial statements are affected by an error...Ch. 13 - What is the main difference between the periodic...Ch. 13 - Is a physical inventory necessary under the...Ch. 13 - Is a physical inventory necessary under the...Ch. 13 - In a period of rising prices, which inventory...Ch. 13 - What two factors are taken into account by the...Ch. 13 - Which inventory method always follows the actual...Ch. 13 - When lower-of-cost-or-market is assigned to the...Ch. 13 - List the three steps followed under the gross...Ch. 13 - List the five steps followed under the retail...Ch. 13 - INVENTORY ERRORS Assume that in year 1, the ending...Ch. 13 - JOURNAL ENTRIESPERIODIC INVENTORY Paul Nasipak...Ch. 13 - JOURNAL ENTRIESPERPETUAL INVENTORY Joan Ziemba...Ch. 13 - ENDING INVENTORY COSTS Sandy Chen owns a small...Ch. 13 - LOWER-OF-COST-OR-MARKET Stalberg Companys...Ch. 13 - SPECIFIC IDENTIFICATION, FIFO, LIFO, AND...Ch. 13 - COST ALLOCATION AND LOWER-OF-COST-OR-MARKET...Ch. 13 - Prob. 8SPACh. 13 - RETAIL INVENTORY METHOD The following information...Ch. 13 - INVENTORY ERRORS Assume that in year 1, the ending...Ch. 13 - JOURNAL ENTRIESPERIODIC INVENTORY Amy Douglas owns...Ch. 13 - JOURNAL ENTRIESPERPETUAL INVENTORY Doreen Woods...Ch. 13 - ENDING INVENTORY COSTS Danny Steele owns a small...Ch. 13 - LOWER-OF-COST-OR-MARKET Bouie Companys beginning...Ch. 13 - SPECIFIC IDENTIFICATION, FIFO, LIFO, AND...Ch. 13 - COST ALLOCATION AND LOWER-OF-COST-OR-MARKET Hall...Ch. 13 - GROSS PROFIT METHOD A flood completely destroyed...Ch. 13 - RETAIL INVENTORY METHOD The following information...Ch. 13 - Hurst Companys beginning inventory and purchases...Ch. 13 - Bhushan Company has been using LIFO for inventory...
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Similar questions
- LO1 The purpose of depreciation is to record the assets market value in the accounting records.arrow_forwardDetermine if this shall result in recognition of liabilities  4. Receipt of goods ordered from a supplier a. yes b. noarrow_forwardThe generally accepted accounting principle that supports recording the value of a property at the purchase price when the market value is higher is the: A. conservatism principle B. going concern principle C. monetary principle D. cost principlearrow_forward
- If certain conditions are met, which of the following properties could be classified as section 1231 property? A. Stock. B. Inventory. C. Accounts Receivable. D. Computer. E. None of the above.arrow_forward15 One of the following is not a transaction deemed sale and is therefore not subject to VAT. Which is it?  Group of answer choices Distribution or transfer to creditors of goods or properties of a VAT-registered person in payment of debt. Transfer, use or consumption not in the ordinary course of business of goods or properties originally intended for sale or for use in the course of business. Consignment of goods if actual sale is not made within 30 days following the date such goods were consigned. Distribution or transfer to stockholders or investors of goods or properties as share in the profits of a VAT-registered person.arrow_forwardTRUE OR FALSE. If the statement is INCORRECT, explain why the statement is INCORRECT. 1. Under CIF, the seller agrees to pay in lump sum or installment, the cost of the goods, insurance and freight charges.arrow_forward
- Which of the following is treated as business expense? a. Installation cost of business equipment b. Freight-in c. Insurance while the goods are in transit to the taxpayer d. Freight-outarrow_forward5. What amount should be presented as a deduction from cost of goods sold?arrow_forwardWhich 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 Reservearrow_forward
- 1.If Company Abee holds consigned goods from Company XyXy, which statement is true? Group of answer choices Neither company will report the consigned inventory as their asset. Both companies will report the consigned inventory as their asset. Company XyXy will report the consigned inventory as their asset. Company Abee will report the consigned inventory as their asset.  2. Inventory that is in transit between the supplier and purchaser should: Group of answer choices not be included in either party's inventory balance. be recorded as inventory by whichever party has paid for the transportation costs as dictated by the FOB terms. be included in the supplier's inventory balance always. be included in the purchaser's inventory balance always. 3. If costs are rising, which inventory costing method will result in the highest ending inventory balance for the period? Group of answer choices Specific identification LIFO FIFO Weighted average 4. If costs are rising, which…arrow_forwardTrue or false 1. In a contract to sell what the seller agrees or obliges himself to do is to fulfill his promise to sell the subject property when the entire amount of the purchase price is delivered to him.arrow_forwardThe possible answers for option D are:Cost of Goods SoldDepreciation ExpenseEarned RevenueIncome Tax ExpenseInsurance ExpenseInterest ExpenseSupplies ExpenseWage Expensearrow_forward
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