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- TRUE OR FALSE. If the statement is INCORRECT, explain why the statement is INCORRECT. 1. Perpetual inventory system is a system where the company maintains a stock card that shows the running balance of the stock at any time.Transactions that affect inventories on hand have an effect on both the balance sheet and the income statement Select one: True FalseWhich of the following is NOT a financial transaction? a. purchase of products b. cash receipts c. update valid vendor file d. sale of inventory
- Which of the following would not be used as a control account? a. Accounts receivable b. Accounts payable c. Plant and equipment d. Sales on account e. Inventory Please explain your answer9. The account prepared in the same way as that when goods are invoice at cost, except that all entries are made at invoice price is termed as (a) Branch adjustment account (b) Branch stock account (c) Goods sent to branch account (d) Branch debtor accountWhich of the following accounts is increased by a debit?A. Common StockB. Accounts PayableC. SuppliesD. Service Revenue
- A credit balance in which of the following accounts would indicate a likely error?a) Dividendsb) Accounts PayablePage 2|9 c) Fees Earnedd) Capital StockIn which of the following Inventory techniques are the stock taking done either regularly or continuously? a. JIT Control System b. Perpetual Inventory System c. V E D Analysis d. A.B.C AnalysisDetermine if each statement represents the allowance (A) or direct write-off (DW) approach. On the balance sheet, accounts receivable are represented at net realizable value.
- Which document triggers the update of the inventory subsidiary ledger? a. bill of lading b. stock release c. sales order d. shipping noticeOn January 1, 2022, the stockholders' equity section of Bramble Corporation shows common stock ($6 par value) $1,800,000; paid-in capital in excess of par $1,050,000; and retained earnings $1,230,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 51,000 shares for cash at $15 per share. 1 Sold 12,000 treasury shares for cash at $17 per share. Sold 10,000 treasury shares for cash at $14 per share. July Sept. 1Which of the following statements about merchandisingactivities is true? (More than one answer may be correct.)a. As inventory is purchased, the Inventory Expenseaccount is debited and Cash (or Accounts Payable) iscredited.b. Inventory is recorded as an asset when it is firstpurchased. c. As inventory is sold, its cost is transferred from the bal-ance sheet to the income statement. d. As inventory is sold, its cost is transferred from theincome statement to the balance sheet.
