41) n a merchandising sales transaction, the seller sells a product and transfers the ____________ of the goods to the buyer. a. Money b. Ownership c. Document d. None
Q: 19-Which of the following will be called as a Merchandising Business? a. Receives a loan from bank…
A: A merchandising business is one of the most common types of businesses. A merchandising is a…
Q: Which of the following situations may give rise to unearned revenue? Select one: a. Providing trade…
A: The Unearned revenue is the revenue not earned yet but has been received in cash for future service.…
Q: 29 - How are purchase refunds recorded to which account? A) From the purchase to the debt of the…
A: Purchase returns are always in a nature of returns made to the sellers and thus decreasing the…
Q: FOB destination of a Merchandise Business means: a. Goods are placed free on board to the buyer's…
A: Free on broad (FOB) is a term indicating whether the seller or the buyer will bear the loss and…
Q: The cost of goods on hand and available for sale at any given time and treated as a current asset…
A: The cost of goods available on hand is an asset.
Q: Which of the following is classified as general and administrative expenses? a. Salaries of admin…
A: Option d is correct.
Q: 153 COMMERCIAL GOODS XX 191 DEDUCTIBLE VAT XX 320 SELLERS XX _____________________ /…
A: Credit purchase of goods require debit to goods and required indirect taxes and a corresponding…
Q: Which one of the following statements is false? a. FOB shipping point means the buyer has legal…
A: FOB shipping point means title of the goods is transferred when goods are placed at the shipping…
Q: 31-Which of the following would normally be classified as a Selling expense of Merchandising…
A: 31. d. Advertising expense
Q: What does the debit remainder of the Trade Goods Account show in the perpetual inventory method ?…
A: All the options are explained as under: 1) Cost of available goods: Cost of available goods…
Q: FOB destination of a Merchandise Business means: a. Seller is not responsible for the goods b. Buyer…
A: Whenever business sells goods to the customer, then there can be two type of terms. One is FOB…
Q: If title to merchandise purchases passes to the buyer when the goods are shipped from the seller,…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: When should revenue from the sale of merchandise normally be recognized? (Assume the company reports…
A: The revenue should be recognized in the following conditions. 1.When the amount realized or received…
Q: Which of the following is NOT a financial transaction? a. purchase of products b. cash receipts c.…
A:
Q: Consignments refer to that specialized marketing method whereby the Consignee a. holds title to the…
A: Solution: In the consignments model, consignor will remain owner of goods and consignee takes…
Q: Which of the following will be called as a Merchandising Business? a. Receives a loan from bank b.…
A: Merchandising business: A merchandising business is the most common type of business is undertaken…
Q: merchandising business
A: We know that manufacturing is a process in which an entity converts inputs to outputs. It is a…
Q: Which of the following transactions does the journal entry above belong to? a) Purchase…
A: goods purchased are always debited. Liability account are always credited VAT to be deducted is to…
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: Which of the following are the suppliers of goods/services whose invoices have not yet been paid?…
A: Option Explanation a Unsold goods are included in the inventory b Cash is unspent money. c…
Q: -It is used to who is responsible for paying shipping and when the title of the goods passes from…
A: Terms that determine the responsibility of bearing of shipping cost are shipping terms.
Q: -It is used to who is responsible for paying shipping and when the title of the goods passes from…
A: When a Business transaction is executed, it is subjected to certain terms and conditions that govern…
Q: .In consignment sales, what is the proper treatment of the consignment-related transportation cost…
A: Consignment means where consignor send goods to consignee to be sold by later on the behalf of…
Q: The term FOB shipping point means that the ownership of the goods is vested on the buyer upon…
A: Free on Board(FOB) means that the buyer will get ownership of the goods that they have purchased…
Q: 1. Credit Terms a. The cost of the merchandise inventory that the business has sold to customers. 2.…
A: FOB destination point vs FOB shipping point : In FOB destination point, the seller transfers the…
Q: Assume the perpetual inventory; system is used unless stated otherwise. Round all numbers to the…
A: Cost accounting is the accounting of all the costs incurred for manufacturing of product and…
Q: f merchandise sold on account is returned to the seller, the seller may inform the customer of the…
A: Answer - Correct Answer is - Credit memorandum, Because, A credit note or credit memorandum is a…
Q: goods are sent on consignmen
A: Consignment sales means selling the goods by third party(consignee) by the seller(consignor).
Q: nd the cost of the goods is paid within the predetermined term? A) Payment with Acceptance Credit…
A: When goods are exported, the amount of payment is controversial as the amount of payment changes at…
Q: True or False 1. The seller nay prepay the transportation cost even though the terms are FOB…
A: FOB Shipping point refers to the transfer of risk in goods at the place of shipping point from…
Q: 1. e buyer is to pay the transportation costs of delivering merchandise, delivery terms are stated…
A: 1)Option A is correct FOB shipping point Means free on board at shipping point; buyer incurs all…
Q: - Which of the following transactions does this record belong to? a) Record of purchase of…
A: Purchase are debted and debt securities are credited. Promissory note are debt securities
Q: shipments to branch
A: Shipments to branch account is subtracted from the beginning stock and purchases to calculate home…
Q: entory refers to the goods that a merchandising business has purchased with the main intention of…
A: One of the most common types of businesses with which we interact on a daily basis is a…
Q: 8/ Which of the following term is referred as the inventory cost to the seller of the goods sold to…
A: Inventory is the resource held by the entity for the purpose of selling and earning revenues.
Q: Selling expenses DOES NOT include: A. Advertising expense B. Making sales C. Accounting and Human…
A: Selling expense is the expense which involves any kind of cost that is incurred through the…
Q: 17/_____________ is treated as an asset and the cost of goods on hand as well as available for sale…
A: . Asset is a resource owned by a person or corporation which generates economic value in the course…
Q: Which of the following transactions does the above journal item belong to? a) Goods Sales…
A: All options are discussed as under: 1) Goods Sales Return Record: In this record, all the sales…
Q: Which of the following transactions does the above journal item belong to? a) Goods sales…
A: Journal is the term of accounting which provide a detailed information of account that posts all the…
Q: Which of the following transactions does the above journal entry belong to? a) Goods purchase…
A: Introduction: Journals: Recording of a business transactions in a chronological order, first step in…
Q: SLO-5.1. for a merchandising business is determined by subtracting the Cost of Goods Sold from the…
A: Operating Income: Operating Income is the income earned from Operating activities or Core activities…
41)
Step by step
Solved in 2 steps
- 8.When a product is sold on credit, which account should be debited for the seller? A.cash B.Inventory C.A/P D.A/RIf title to merchandise purchases passes to the buyer when the goods are delivered to the buyer, the terms are a. consigned b. n/30 c. FOB shipping point d. FOB destination24. The written statements with details of prices and terms of the offer for products is_______ a. Purchase Returns Note b. Material Requisition Note c. Quotation d. Purchase Order
- Which of the following is an example of a contra revenue account? A. sales B. merchandise inventory C. sales discounts D. accounts payableWhich of the following is not a characteristic of FOB Shipping Point? A. The buyer pays for shipping. B. The buyer 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.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 account balance is not used to computer the cost of good sold? a. Sales b. Purchased c. Purchase discount d. MerchandiseInventoryWhich of the following is an example of a contra revenue account?A. salesB. merchandise inventoryC. sales discountsD. accounts payable......... concentrates on the physical linking of the particulars item sold. a. FIFO b. weighted average c. LIFO d. Specific Identification Method
- Which of the following is an agent in a purchases and payments structure model? Question 6Answer a. Cash disbursement b. Inventory c. Employee labour d. Supplier e. Receipt of goods3 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 party1. Net purchases equal the invoice amount and?a. plus freight-in, plus discountsb. less purchase returns, plus purchase allowancec. plus freight-in, less purchase discountsd. plus discounts, less purchase returns 2. Cost of Goods Sold is classified as which type of account?a. Assetb. Liabilityc. Revenued. Expense